Davy Research

Irish economy

Irish mortgage market shows strong growth in early 2017

DAVY VIEW

Mortgage lending data released this morning show €513m of approvals for house purchase in January, up 59% on the year. This expansion is far ahead of the 20% rise in the mortgage market we are forecasting for 2017, from €5bn in 2016 to €6bn this year. Encouragingly, the growth mainly came from rising volumes, up 48% on the year. The average mortgage approved was up 7.9% on the year to €208,100, consistent with our forecast for Irish house price inflation to equal 8% through calendar year 2017.

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