Market comment - Irish mortgage approvals rise to €964m in August

Davy Research
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The news that Irish mortgage approvals rose to €946m in August is a welcome sign that lending activity is returning to normal. House purchase approvals of €834m were up 0.6% on the year. A striking feature was that the average approval rose to €250,000, a fresh cycle high, up 8% on the year. In short, signs of tighter credit conditions are absent in the lending data, instead pointing to house price rises with COVID-19 limiting the housing supply.