The homebuilding sector stands to rebound strongly from the Covid-19 pandemic as mortgage approval rates hit a ten-year high. €1.5bn worth of mortgages was approved in October, the highest for any month since 2011. The main contributing factors are believed to be a rise in savings as well as the government subsidy for first-time buyers of new homes. Approvals for first-time buyers was up by 31%. Average mortgages amounts were €250,000, representing a 5% year-on-year increase.
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