Mortgage approvals reached monthly 15 year high in July

Mortgage approvals hit a 15-year high in July, according to figures released by Banking & Payments Federation Ireland (BPFI). First-time buyers accounted for more than half of the 6,253 mortgages approved that month, with first-time buyer approvals surpassing 3,500. Remortgaging and switching accounted for one fifth of all approvals, a 71.6% rise compared to the previous year.

The total value of mortgage approvals in July surpassed €2 billion, marking a 15% increase compared to the same period last year. BPFI Chief Executive Brian Hayes stated that these were the highest monthly levels since the data series began in 2011. Annualized figures show 55,307 mortgage approvals in the 12 months leading up to July 2026, valued at €17.9 billion.

This represents a modest increase from the previous year, with both volumes and values up by 1.44% and 1.51% respectively. The data collectively suggests sustained momentum in the mortgage market, with first-time buyers continuing to be a key driver, and switching activity further bolstering the lending pipeline.