Market comment - Mortgage approvals up 10% in October to €1bn

Davy Research
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October’s mortgage approvals data show a sharp bounce back, up 10% on the year to €1bn. First-time buyer approvals – up 23% to €547m – saw the strongest growth, with buy-to-let loans down 28% to only €21m. The data also showed the average approval for house purchase rising to €237,000, up 4.6% on the year. Overall, the figures give us confidence that any Brexit impact will be temporary and Ireland’s mortgage market will see growth in 2020.