New figures from Banking and Payments Federation Ireland show mortgage drawdown values reached nearly €6.2 billion in the first half of 2025.

This is the highest half year values since 2008.

Banking & Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland. Representing over 125 domestic and international member institutions, it mobilises the sector’s collective resources and insights to deliver value and benefit to members, enabling them to build competitive sustainable businesses which support customers, the economy and society.

Rising house prices also result in the average value of a mortgage drawn down during the first half of the year hit a record level of €329,444. The BPFI said that 10,978 new mortgages worth €3,37 billion were drawn down by borrowers during Q2 of 2025.

This represented an increase of 9.6% in volume and 18.1% in value on the same quarter of 2024. A comparison with the previous quarter (Q1 2025) showed increases of 19.1% in volume and 19.8% in value.

First-time buyers (FTB) accounted for around 60% of the volume and value of mortgages drawn down during the quarter.

Mortgage drawdown data is seen as a useful guide to the housing market as it can indicate how many people are moving forward with a home move or refinancing, as opposed to those who have gained mortgage approval but are not utilising it.

Separately, mortgage approval data shows close to €1.6 billion worth of home loans were signed off during June, up 16% year on year. The number of approved mortgages rose 9% compared to June 2024.

BPFI chief executive Brian Hayes said that the surge in switching activity signalled “a normalisation” of trends in the sector, after a sharp peak in activity in 2022 was followed by a slowdown.

Hayes noted that new properties accounted for 35% of home-purchase mortgage drawdowns in the first half of 2025 an increase from 31.7% in the same period in 2024 and the highest proportion in the first half of a year (H1) since 2010.

He added, “FTB housing demand remains very strong, with 22,903 Help to Buy applications in the first half of 2025, according to the Revenue Commissioner, almost 41% more than in H1 2024.

“The number of FTB mortgages on new properties continued to increase significantly, reaching 4,531, the highest H1 level since 2008.”

NB – This is a guide for information purposes only and does not constitute legal advice. If you have an issue requiring legal advice, please contact any of the team at Nolan Farrell & Goff LLP, whose numbers can be found on our website www.nfg.ie, or email info@nfg.ie.