MORTGAGE APPROVALS HIT a record high of almost €1.8 billion in July, new figures from the Banking & Payments Federation Ireland (BPFI) show.

A total of 5,467 mortgages were approved during the month, up 2.9 per cent on the same period last year and 12 per cent higher than June.

The value of these approvals rose 10 per cent year-on-year, reaching €1,771 million, the strongest monthly total since records began in 2011.

First-time buyers were the main drivers, taking out 3,356 mortgages worth €1.1 billion.

Both the volume and value of first-time buyer approvals are now at all-time highs, with values exceeding €1 billion for the first time.

Mover purchasers made up a smaller portion of the market, with 1,142 approvals valued at €435 million, the third-highest July total in recent years.

Meanwhile, switching and re-mortgaging activity continued to grow strongly, with approval volumes up 27 per cent and values almost 50 per cent higher than a year ago.

BPFI Chief Executive Brian Hayes said the numbers show a market that remains very active.

“July is typically a peak month for mortgage approvals, and this year saw both volume and value reach record levels,” Hayes said.

Over the past twelve months, first-time buyers alone accounted for more than 32,000 approvals worth nearly €10.4 billion.

Help to Buy applications have also jumped, with almost 26,000 submitted so far this year, up 47 per cent on 2024, while claims under the scheme increased by 14 per cent.

The strong July figures follow a record-breaking first half of 2025, with almost €6.2 billion in mortgage drawdowns – the highest value for the first six months of a year since 2008.

First-time buyers alone accounted for over €3.7 billion of that total, the largest volume and value seen in nearly two decades.