Weak start to 2026 for mortgage approvals
Figures from the main banks show a slow start to 2026 for mortgage activity, with the number of approvals in January down 10.6% compared with the same month last year.
Banking Payments Federation Ireland (BPFI) said that its members approved 3,034 mortgages during the month, with just under 60% of these for first-time buyers (FTBs) and 18.6% for mover purchasers.
The number of mortgages approved fell by 13.4% compared with December.
Mortgages approved in January were valued at €954 million – with FTBs accounting for just over 60% and mover purchasers for 22%.
The value of mortgage approvals fell by 14.3% compared with December and by 6.4% year-on-year.
Supply ‘constrained’
BPFI chief executive Brian Hayes said that approvals declined across most segments in January, adding that the 565 approvals recorded in the mover-purchase sector in January represented the lowest figure since June 2020.
“Housing supply remains constrained, with market indicators, as well as the slowdown in mover-purchase activity, pointing to limited supply of second-hand properties for sale.
“New housing output looks encouraging for the year ahead, but we will need to see a marked increase in commencement activity in the first half of this year to sustain output beyond 2026,” Hayes stated.
He said that there were only 17,275 housing starts in the 12 months to the end of January 2026 – about half the level in the 12 months ending January 2024.