The number of mortgages approved in Ireland in January 2026 was 3,034, marking a 10.6% decline compared to the same month last year. The monthly value also fell by 13.4% compared to December. The number of mortgages for people changing their place of residence dropped particularly drastically, reaching its lowest level in nearly six years.
Decline in mortgage approvals
In January 2026, 3,034 home loans were approved, marking a year-on-year decline of 10.6% and a monthly decline of 13.4%.
Record low level of mortgages for 'movers'
Approvals for people buying a new home while selling their current one fell by 23.3% year-on-year to just 565, the lowest January result in the history of the survey.
First-time buyers dominate the market
First-time buyers accounted for 59.3% of all approved transactions, although their number also fell by 7.2% year-on-year.
Increase in average mortgage value
The total value of approved loans was €954 million, which, with 3,034 transactions, gives an average mortgage value of approximately €314,500.
Statistics published by Banking & Payments Federation Ireland (BPFI) show a clear cooling in Ireland's mortgage market at the start of 2026. In January, a total of 3,034 new home loans were approved with a total value of €954 million. Compared to January 2025, this represents a 10.6% drop in the number of approvals, and a 13.4% decline compared to December 2025. Analysis of market segments reveals even deeper declines in some categories. The group of so-called 'mover purchasers', i.e., people buying a new home while selling their current one, was the hardest hit. Only 565 mortgages were approved for them, representing a 23.3% year-on-year decline and the lowest monthly result for this group in nearly six years, excluding the initial pandemic lockdown periods. This group's share of all approvals was just 18.6%, a historically low proportion. First-time buyers fared significantly better, albeit also with a decline. 1,800 mortgages were approved for them, marking a 7.2% drop compared to January last year. Nevertheless, first-time buyers continue to dominate the market, accounting for 59.3% of all approved transactions. It is worth noting that the average value of an approved mortgage increased to approximately €314,500. These data indicate a continuation of the downward trend observed for some time in the Irish housing market, while high property prices persist, translating into a higher average loan amount. The Irish housing market has experienced dramatic fluctuations in recent decades. After the spectacular bursting of the bubble in 2008-2012, which led to a deep banking crisis, the market gradually recovered. In recent years, especially after 2020, strong price and demand growth was observed, driven by factors including demographics and limited supply of new homes. Macroeconomic factors, such as interest rate hikes by the European Central Bank (ECB) to combat inflation, have likely contributed to the current cooling, increasing loan servicing costs and reducing the creditworthiness of some households. Additionally, economic uncertainty may have prompted potential 'movers' to postpone decisions about changing residence, which would explain the exceptionally deep decline in this category.