Mortgage drawdown values are the highest they’ve been since mid-2008
Mortgage drawdown values in Ireland reached their highest levels since 2008 during the third quarter of 2026. First-time buyers are the primary drivers of this growth, though there has also been a significant increase in mortgage switching activity.
Why it matters
The data indicates a robust housing market, though it raises questions among analysts regarding potential market overheating or bubble risks.
THE MOST RECENT financial quarter saw mortgage drawdown values at the highest they’ve been since mid-2008.
A total of 14,217 mortgages worth €4,598 million were drawn down by borrowers between July and September 2026, according to the latest Banking and Payments Federation Ireland (BPFI) report.
First-time buyers are continuing to drive the mortgage market, with 8,164 mortgages drawn down between July and September 2026 – the highest amount since the same period in 2008.
Brian Hayes, chief executive of BPFI, said there’s been a growth in first-time buyer mortgages for new builds and second-hand properties, while volumes for self-builds fell by 5.8% year-on-year.
The number of drawdowns for new properties by first-time buyers is the highest it has been since quarter three of 2007 at 3,244, while the number of first-time buyer mortgages on secondhand properties has reached a record €1.56 billion.
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