Cork now responsible for 13% of Ireland's first-time buyer mortgage market

Nationally, number of first-time buyer mortgage drawdowns rose by 5.4% in 2025 to 27,652

The number of first-time buyer mortgage drawdowns rose by 5.4% in 2025 to 27,652, the highest volumes in almost 20 years, valued at €8.8bn.  Picture: Unsplash

The number of first-time buyer (FTB) mortgage drawdowns rose by 5.4% in 2025 to 27,652, the highest volumes in almost 20 years, valued at €8.8bn. 

The latest Mortgage Market Profile Report H2 2025, published by the Banking & Payments Federation Ireland, showed faster growth in FTB mortgages on new properties. The date showed Cork is now responsible for 13% of Ireland's entire first time buyer mortgage market. 

In Cork, more than half (53%) of all FTB mortgages were secured on new builds in 2025. First time buyers purchasing or building new properties accounted for 44% of all home mortgages in Cork in the second half of 2025. First time buyers purchasing existing properties made up 35% of Cork home mortgages. Movers buying new homes accounting for 7% and movers buying existing homes accounting for 14%.

New properties accounted for only 26% of FTB mortgages in Dublin in 2025. The new property share of FTB mortgages in Kerry/Clare/Tipperary at 36%, while in the South-East it stood at 39%.

FTBs on new properties accounted for 28% of home mortgages in Limerick in the second half of 2025. Buying existing properties accounted for 53% of the home mortgage market in Limerick over the period, the highest proportion of any region. 

Overall, the average home (FTB and mover) mortgage value reached new peaks in 2025, with the median FTB mortgage value up by about €80,000 (34%) from 2021 to about €316,000 in 2025.

“Today’s report shows that 2025 was a strong year for FTB mortgage activity right across the country, while mover activity weakened in every region," said BPFI chief economist Ali Ugur. 

"Wicklow was the fastest growing region for FTBs, with FTB mortgage volumes jumping by 54% between 2021 and 2025, while volumes in Dublin were up 26% and by 30% in Cork over the same period. By contrast, each region recorded a decline in mover purchase volumes between 2021 and 2025 with Limerick, Meath and the West all showing a decline of more than 20% in mover volumes.”

While the average FTB mortgage on a new property in 2025 reached €337,000, the average value of an FTB mortgage on a second-hand property exceeded €300,000 for the first time, at €307,729.