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Aug 28 2024, 07:05 IST/BST
Banks
Strong growth in July mortgage approvals
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 540c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 1027c |
| permanent tsb Group | OUTPERFORM | 04/02/21 | Neutral | 06/03/19 | 165c |
DAVY VIEW
The strong growth in July, which is the highest individual month for mortgage approvals for purchase, is a positive sign following subdued activity in recent months. First-time buyers (FTBs) continue to be the biggest component, but there were increases in activity across the board. Housing availability, with low levels of stock available for sale, has acted as a constraint. Signals from the ECB’s first rate cut together with mortgage rate reductions may have improved sentiment, which could be a positive signal for mortgage drawdown activity in H2 2024.
