Irish mortgage approvals hit a record €1.7bn in August 2026, with first-time buyers driving growth as annual approvals surpass €18bn.
Mortgage lending demand continued its upward trajectory in August, with new figures from Banking & Payments Federation Ireland (BPFI) revealing the strongest August on record for mortgage approvals since the series began in 2011.
A total of 5,083 mortgages were approved during the month, valued at €1.678 billion. While activity eased from July levels, approval volumes were up 12.1% year on year and values increased by 15.3%, underlining continued strength in the housing market.
“First-time buyers remained the main driver of activity, accounting for almost 60% of approval volumes in August”
First-time buyers remained the dominant force in the market, accounting for 3,024 approvals, representing 59.5% of total mortgage approval volumes. The segment also accounted for €1.008 billion in approved lending, or 60.1% of the total value approved in August.
Mover purchasers received 982 mortgage approvals during the month, accounting for 19.3% of overall volumes and €389 million in approved lending.
The latest data also showed continued momentum in refinancing activity, with re-mortgage and switching volumes rising 36.1% year on year while values increased by 39.9%.
KEY NUMBERS: Irish Mortgage Approvals
• €18.1bn approved over 12 months to August, a record high
• 55,854 mortgage approvals in the year to August
• 5,083 mortgages approved in August alone
• €1.678bn in approvals during August
• Approval volumes up 12.1% year on year
• Approval values up 15.3% year on year
• 3,024 first-time buyer approvals, 59.5% of total volume
• 33,432 first-time buyer approvals over 12 months, highest on record
• First-time buyer annual approval value exceeds €11bn
• Re-mortgage and switching values up 39.9% year on year
Editorial takeaway: Mortgage demand remains exceptionally strong, led by record first-time buyer activity and pushing annual mortgage approvals above €18 billion for the first time.
Sustained demand
Commenting on the figures, Brian Hayes, Chief Executive of BPFI, said: “August 2026 was the strongest August on record for mortgage approvals since the data series began in 2011, with 5,083 approvals valued at almost €1.7 billion. Volumes rose by 12.1% year on year and values increased by 15.3%, marking the seventh consecutive month of annual growth in approval values. While activity eased from the July peak, this reflects the normal seasonal pattern, with mortgage approvals typically highest between May and July.”
The figures point to sustained demand from homebuyers despite ongoing pressures in the housing market.
Looking at longer-term trends, first-time buyer activity reached new highs. In the twelve months to August 2026, there were 33,432 first-time buyer approvals, the highest level recorded, while the annualised value of those approvals exceeded €11 billion for the first time.
Hayes said mover purchasers also recorded significant growth.
“First-time buyers (FTBs) remained the main driver of activity, accounting for almost 60% of approval volumes in August. There were 33,432 FTB approvals in the twelve months to August, the highest level recorded, while their annualised value reached more than €11 billion for the first time. Mover purchase approvals also recorded strong growth, with their annualised value also reaching a new high of €4 billion. This likely reflects sustained housing and mortgage demand which is evident in the more than 30,000 Help to Buy applications in the first eight months of 2026, compared with about 28,000 during all of 2025.”
The broader annual picture also set a new milestone for the Irish mortgage market.
According to BPFI, 55,854 mortgages were approved in the twelve months to August 2026, with a combined value of almost €18.1 billion. It is the first time annual mortgage approvals have surpassed the €18 billion mark.
Hayes said the figures provide a positive outlook for lending activity through the remainder of the year.
“The wider annualised picture also remains positive. There were 55,854 mortgage approvals in the twelve months to August 2026, valued at almost €18.1 billion, exceeding €18 billion for the first time. This indicates there is a healthy base for mortgage drawdowns for the rest of the year.”
The latest figures suggest housing demand remains resilient, with first-time buyers continuing to underpin market activity and approval values reaching record levels as 2026 progresses.
Image at top: Aerial view of the Cherrywood residential development in Dublin, showing newly built houses, apartment blocks, landscaped green spaces, road networks, and ongoing construction as housing development continues across the area
Frequently Asked Questions: Irish Mortgage Approvals
What was the value of mortgage approvals in Ireland in August 2026?
Mortgage approvals reached €1.678 billion in August 2026, the highest August value recorded since BPFI began compiling the data series in 2011.
How many mortgages were approved in August 2026?
A total of 5,083 mortgages were approved during the month, up 12.1% compared with August 2025.
Who accounted for the largest share of mortgage approvals?
First-time buyers remained the dominant group, accounting for 3,024 approvals or 59.5% of total mortgage approval volumes.
How much lending was approved for first-time buyers?
First-time buyers received mortgage approvals worth €1.008 billion, representing 60.1% of the total value approved in August.
Are mortgage approvals still growing in Ireland?
Yes. The value of mortgage approvals increased by 15.3% year on year, marking the seventh consecutive month of annual growth in approval values.
What is happening with mover purchaser demand?
Mover purchasers secured 982 mortgage approvals in August, worth €389 million, with annual approval values reaching a record €4 billion.
Is mortgage switching activity increasing?
Yes. Re-mortgage and switching activity rose 36.1% in volume terms and 39.9% in value compared with August 2025.
How many mortgage approvals were recorded over the past year?
There were 55,854 mortgage approvals in the twelve months to August 2026, the highest annual total recorded.
What was the total value of mortgage approvals over the past year?
Annual mortgage approvals reached almost €18.1 billion, exceeding the €18 billion threshold for the first time.
What do these figures indicate about the housing market?
The data points to sustained demand for housing finance, driven primarily by first-time buyers and supported by strong underlying demand for home ownership across Ireland.
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