First-time buyer mortgage approvals reached record highs in November 2024, according to a new report.

Figures from the Banking and Payment Federation revealed approval volumes and values were at their highest annualised levels since data began in 2011 in November 2024.

The average first-time buyer (FTB) mortgage approval increased by 8.3% year on year to €319,161.

A total of 4,400 mortgages were approved in November 2024 –including 2,657 FTBs.

This means 60.4% of the total volume of mortgages approved were for FTBs.

Mortgage approvals

The number of mortgages approved fell by 8.9% month-on-month and rose by 4.7% compared with the same period last year.

Mortgages approved in October were valued at €1,365 million – of which FTBs accounted for €848 million (62.1%).

The value of mortgage approvals fell by 8.0% month-on-month and rose by 13.0% year-on-year.

Re-mortgage or switching activity rose by 26.5% in volume terms year-on-year and by 36.3% in value in the same period.

Record high

“Today’s figures reveal that first-time buyer (FTB) mortgage approvals have again reached record highs, both in terms of volume and value,” BPFI Chief Executive Brian Hayes said.

“FTB volumes rose to over 31,000 (31,049) in the twelve months ending November 2024, while the value of FTB approvals was almost €9.5 billion.

“Looking more closely at the monthly figures, the report shows that there were 4,400 mortgage approvals, valued at €1,365 million in November 2024, with first-time buyers (FTBs) accounting for 60.4% of the total volume and 62.1% of the value."

"Strong growth"

The average FTB mortgage rose by 8.3%, or more than €24,000, year on year in November 2024 to a new high of €319,161, reflecting "strong growth" in residential property prices, Mr Hayes said.

“While mover purchasers continue to account for a smaller share of approval activity with a quarter (24.8%) of the value of mortgages approved in November, they reached their highest year-to-date values since the data series began in 2011, at almost €3.6 billion.”

Looking forward, approvals activity tends to slow down between December and February, Mr Hayes said, but the strong approvals activity in the past year has resulted in a “healthy pipeline” for mortgage drawdowns in the months ahead.

Happy house buyer woman holding keys at camera. Image: Alamy Stock Photo