Mortgage approvals experience a V-shaped recovery
New data from the Banking and Payments Federation of Ireland (BPFI) suggest that while drawdowns remained weak, there has been a V-shaped recovery in mortgage approvals with the number of approvals for house purchase up 27% year on year in September.
The number of approvals in September 2020 is the second highest in the 10-year history of the data.
Goodbody Stockbrokers believe that the increase in the size of the average loan is likely due to a change in the mix of mortgage applicants, with higher earners more likely to be relatively unaffected by the weaknesses in the labour market to date.
Goodbody say these potential buyers have also been mobilised by the increased prevalence of working from home, where Ireland has had among the highest incidence in the EU.
Read full article: BusinessWorld.ie