Mortgage approvals jumped to a record high in May, driven largely by first-time buyers.
That’s according to the latest Mortgage Approvals Report from Banking & Payments Federation Ireland (BFPI) which found that there was a rise of 13% year on year in the number of approvals, with activity growing more than 20% compared to April’s figures.
The value of mortgages approved during May totalled close to €1.9 billion, a year-on-year increase of almost 17% and the highest monthly values since the data series began in 2011.
A total of 5,694 mortgages were approved in May 2026 – the second highest on record – with first-time buyers approved for 3,361 of them (59% of total volume) at a total of €1.12 billion.
Meanwhile mover purchasers accounted for 1,044 (18.3%) of the total, with a value of €426 million.
The value of mortgage approvals rose by 21.4% month-on-month and by 16.8% year-on-year.
Re-mortgage/switching activity rose by 33.4% in volume terms year-on-year and rose by 45.0% in value in the same period.
Commenting on the figures, Brian Hayes, Chief Executive, BPFI said: “The figures show strong growth in mortgage approval activity in May with the value of approvals reaching almost €1.9 billion, up almost 17% on the same time last year. Approval volumes increased by 13% over the same period to 5,694. These were the highest monthly values since the data series began in 2011 and the second highest monthly volumes, after June 2022 when there was a surge in mortgage switching.”
Looking more closely at customer segments, Mr Hayes said: “First-time buyer activity remains the key driver of the market, reaching its highest levels since the data series began. While mover purchase lending also grew, it accounted for only 18.3% of mortgage approval volumes, a historically low share of activity for the month of May. Meanwhile, switching activity reached the second highest activity level since December 2022.”
He concluded: “Looking at the annualised figures, there were 53,773 mortgage approvals in the twelve months to May 2026, valued at more than €17 billion. This represents a moderate increase on the twelve months to April 2026, with volumes up 0.88% and values up 1.23%. Overall, the figures point to a robust pipeline for mortgage lending in the months ahead, underpinned by continued demand from first-time buyers and increased activity across switching and top-up lending. However, the continued low share of mover purchase activity points to ongoing constraints on mobility within the housing market.”
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