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New data from Banking and Payments Federation Ireland shows a significant rebound in mortgage activity, with 45,500 approvals issued between January and October, representing a combined value of €14.6 billion. This is the highest volume recorded since 2022 and the highest value captured since the series began in 2011.

The strongest growth came from first-time buyers. Although approvals dipped slightly in October compared with the same month last year, overall FTB activity for the ten-month period reached record highs, with 27,612 approvals worth almost €9 billion. This figure is more than four times the value seen in the same period in 2015.

In contrast, mover purchase activity has cooled. Approvals for those trading up or down fell to 8,771 in the first ten months of 2025, marking the lowest year-to-date level since 2020. October was also the weakest October for mover approvals since 2015, with monthly values declining for the fourth consecutive month.

Switching activity continues to rise sharply. More than 5,380 borrowers secured mortgage switch approvals between January and October, worth €1.57 billion. This represents a 37.6 percent increase in volume and almost 59 percent growth in value compared with the same period last year, making it the strongest switching environment since 2022.

BPFI chief executive Brian Hayes noted that while mover demand has moderated, first-time buyer activity remains a powerful driver of the market. Revenue data shows the Help to Buy scheme remains a major influence, with over 31,600 applications submitted in the first ten months of 2025, more than 40 percent higher than last year.

Overall mortgage approvals for October totalled 4,783, broadly unchanged from September but slightly lower than October 2024. The value of approvals reached €1.545 billion, reflecting annual growth of just over 4 percent. First-time buyers accounted for six in ten approvals during the month, while mover purchasers represented just under one fifth. Switching activity continued its upward trend, recording annual growth of more than 37 percent in volume and over 63 percent in value.

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