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Signs of slowing in pace of economic recovery but property market continuing to accelerate

Data from Davy suggests the pace of recovery from the economic slowdown has slowed in recent weeks.

Initially, analysts had shown that economic activity was recovering sharply following phase 3 of the Governments reopening plan, but now average daily personal debit and credit spending seems to be tapering off somewhat.

However, in contrast to other sectors, activity in the housing market has continued to accelerate.

The number of transactions added to the Property Price Register hit a fresh high in the week to July 22, reaching 70% of normal levels.

The number of new listings for sale last week of 1,112, up 21% on 2019. Similarly, interest from prospective homebuyers was up around 60% too.

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