Market comment - Mortgage approvals up 9% in February before COVID-19 impact

Davy Research
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This morning’s mortgage approvals of €825m in February show healthy growth, up 9% on the year, bringing the total to €11.2bn over the past 12 months. Approvals to first-time buyers, up 16% to €455m, mainly drove the expansion, with mover approvals down 5%. However, approvals and residential transactions will fall extremely sharply in March and April as the impact of COVID-19 is felt.