Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for January 2025. The following are the key elements:
- A total of 3,395 mortgages were approved in January 2025 – first-time buyers (FTBs) were approved for 1,947 mortgages (57.3% of total volume) while mover purchasers accounted for 737 (21.7%).
- The number of mortgages approved fell by 5.5% month-on-month and rose by 4.1% compared with the same period last year.
- Mortgages approved in January were valued at €1,020 million – of which FTBs accounted for €610 million (59.9%) and mover purchasers for €252 million (24.7%).
- The value of mortgage approvals fell by 7.5% month-on-month and rose by 10.9% year-on-year.
- Re-mortgage/switching activity rose by 28.1% in volume terms year-on-year and by 44.5% in value in the same period.
Commenting on the publication of the latest data, Brian Hayes, Chief Executive, BPFI said: “Today’s figures show continued growth in mortgage approval activity.”
“While approval activity grew in most segments, January saw the first year-on-year decline in first-time buyer (FTB) approval volumes since June 2024. In annualised terms, FTB volumes dropped to their second highest level since the series began at 31,452 while the value of those approvals reached a new high of almost €9.7 billion (€9,677 million). Growth in mover purchase lending boosted activity in the home purchase/self-build segment, which, at 42,521, reached its highest annualised volume since the twelve months ending September 2021.”
“Looking more closely at the monthly figures, the report shows that there were 3,395 mortgage approvals, valued at €1,020 million in January 2025, with FTBs accounting for 57.3% of the total volume and 59.9% of the value. Most of the year-on-year growth in approvals came from switching which increased by 28.1% in volume terms to 433.”
Mr Hayes added: “While approvals activity tends to be weakest between December and February, it’s encouraging to see continued year-on-year growth in volumes which points to a healthy pipeline for mortgage drawdowns in the months ahead.”
The BPFI Mortgage Approval Report January 2025 is available here.
The BPFI Mortgage Approvals report data series since January 2011 is available to download here.
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Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 110 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
