The value of mortgage approvals hit a record of €14.1bn in the 12 months to May, the latest Banking & Payments Federation Ireland (BPFI) figures show.

The number of mortgages approved over the past year was also a record at 43,070. First-time buyers dominate the market with 32,118 mortgage approvals over the past year worth more than €10.1bn.

A total of 5,038 mortgages were approved last month, representing an improvement of 7.1% month-on-month and 10.5% year-on-year.

Those mortgages were worth a combined €1,608m, again up 7.1% from April and 17.8% from May 2024.

Around six in 10 (61.4% or 3,092 mortgages) were approved for first-time buyers, with mover purchasers accounting for 18.8% (948). In value terms, first-time buyers made up 62.5% or €1,005m, and mover purchasers 22.6% or €364m.

Brian Hayes, chief executive of the BPFI, said the value of first-time buyer mortgage approvals in May was the second-highest monthly total on record and only €7m less than 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," he added.

Re-mortgage/switching activity rose by 66.9% in volume terms and 94.9% in value from the same period last year.

“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," said Hayes.

"This marks a return to historically typical levels of switching activity, following a sharp peak in activity in 2022 and subsequent slowdown.”

(Pic: Getty Images)