The value of mortgage approvals reached almost €1.8 billion in July which is the highest figure since 2011, according to latest figures from Banking & Payments Federation Ireland (BPFI).
This represents a monthly increase of 13.7% and is 10% higher than the same month last year.
The BPFI data also shows there were 3,356 first-time buyer (FTB) mortgage approvals in July, with values exceeding €1.1 billion for the first time.
However, the BPFI data set only goes back as far as 2011, and therefore would not be able to offer comparisons with the level of mortgage lending during the economic boom in the 2000s.
Overall, 5,467 mortgages were approved in July with FTBs accounting for nearly two thirds of that figure.
The number of mortgages approved for the month was 12% higher month-on-month, and 2.9% more than in July 2024.
The figures from BPFI – which represents the banking, payments and fintech sector – show that re-mortgage/switching activity for July rose by 27% in volume terms year-on-year, and by 49.9% in value.
BPFI Chief Executive Brian Hayes said: “In annualised terms, FTB activity reached new heights with 32,363 mortgage approvals valued at almost €10.4 billion in the 12 months ending July 2025”.
“FTB demand remains very strong with the Revenue Commissioners reporting that Help-to-Buy applications reached almost 26,000 in the first seven months of the year, 47% more than in the same period of 2024,” he said.
“Over the same period, Help to Buy claims exceeded 5,500, up 14% year on year,” Mr Hayes added.
