DAVY VIEW

Taken together, this morning’s Banking & Payments Federation Ireland (BPFI) mortgage approvals data and yesterday’s Residential Property Price Index (RPPI) point to the resilience of the Irish housing market. The RPPI was flat in April, breaking the sequence of three consecutive months of price falls and still up 3.6% on the year. The €1bn of mortgage approvals for house purchase in April was up 8% on 2022. Notably, the average approval was €299,400, up 5.5% on 2022, as homebuyers continue to take on more debt with lending volumes up 2.2%.