Mortgage approvals for first-time buyers at record high as rates fall

The data comes ahead of the next meeting of the ECB on Thursday, December 12, where the Governing Council is set to decide on whether to cut interest rates once more before the end of the year

The data comes as chief economist at the European Central Bank Philip Lane suggests that decisions around interest rates should be based on upcoming risk rather than the latest economic data.

Mortgage approvals for first-time buyers have hit their highest levels on record in terms of volume and value as interest rates continue their downward trajectory with another meeting of the European Central Bank (ECB) due to take place next week.

Data from the Bank and Payments Federation, Ireland (BPFI) shows that during October there were 4,829 mortgages approved — a 13% increase compared to last year. First-time buyers accounted for 2,981 of those approvals which is a 10.9% increase.