Record low interest rates, news of a COVID vaccine and pent-up demand have combined to spur people into the property market.
Mortgages approved in October were valued at €1,253million, of which first-time buyers accounted for 60% – €774m, and mover purchasers for €344m.
‘The increase in mortgage approval activity should bring about increased mortgage drawdowns in the first quarter of 2021 associated with the purchase of properties.
‘Higher mortgage approvals/drawdowns also sends a signal to the construction sector about the demand in the market which can generate confidence in the market for future supply,’ he added.
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