The number of mortgages approved in Ireland increased by 7.1% in May 2025 over the previous month and by 10.5% compared with the same period last year according to the Banking & Payments Federation Ireland (BPFI).

A total of 5,038 mortgages were approved in May 2025, first-time buyers (FTBs) were approved for 3,092 mortgages (61.4% of total volume) while mover purchasers accounted for 948 (18.8%).

Brian Hayes, Chief Executive, BPFI, said: “The latest mortgage figures show continued growth in May, with approval volumes and values increasing by 10.5% and 17.8% respectively, year on year. In value terms, FTB approvals reached their second highest monthly level at €1,005 million, only €7m less than in July 2024. While the volume of mover purchasers fell by 3.3% year-on-year, values rose by 1.7% to €364m, the highest May values since the data series began.” 

Re-mortgages and switching activity rose by 66.9% in volume terms year-on-year and rose by 94.9% in value in the same period. 

Mr Hayes added: “Meanwhile, mortgage switching approvals reached their highest monthly levels in May since January 2023, jumping by almost 67% (66.9%) in volume and almost 95% (94.9%) in value year-on-year, albeit from a relatively low base. This marks a return to historically typical levels of switching activity, following a sharp peak in activity in 2022 and subsequent slowdown.”