A growing share of first time buyers are securing mortgages on their own, according to new data from the Banking and Payments Federation Ireland (BPFI). The organisation’s latest Mortgage Market Profile Report indicates that individual applicants made up 31 percent of first time buyer drawdowns in the year to June.
The report highlights a strong first half of the year overall. Between January and June, first time buyers drew down 11,791 mortgages with a combined value exceeding €3.7 billion. This represents a 5.5 percent increase in volumes and a 14.4 percent rise in the total value compared with the first half of 2024. It is also the highest number of drawdowns recorded in the first six months of any year since 2007, and the highest value for the period since 2006.
Although the majority of first time buyer loans continue to involve joint applicants, the shift towards sole applicants remains notable. BPFI pointed out that the proportion is still significantly lower than levels seen in the mid-2000s, when almost half of these mortgages were issued to individuals.
The current figures show different patterns depending on property type. Sole applicants accounted for only 22 percent of mortgages on new homes, yet represented over 36 percent of those purchasing existing properties. They also made up two thirds of first time buyer mortgages on apartments. In Dublin, nearly half of all sole applicants bought apartments, compared with 14 percent of joint applicants.
Demand for both new and existing homes continued to rise. First time buyer mortgages used to purchase or build new properties climbed by 14 percent to 4,531, the largest half year figure since 2008. Meanwhile, mortgages for existing homes rose slightly in volume but reached their highest ever value at more than €2.2 billion.
Mover purchasers also recorded growth during the period. Mortgage volumes for this group rose by 3.5 percent and the value of these loans increased by over 13 percent to almost €1.5 billion.
Average mortgage values for both first time buyers and mover purchasers reached new peaks, with mean drawdown amounts of €314,810 and €373,393 respectively. According to BPFI chief executive Brian Hayes, this trend reflects ongoing upward pressure on property prices across the market.
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