House prices are set to rise as buyers have been able to save more during the pandemic. While some may have experienced greater financial difficulties, others have been able to put more aside each month while shops, pubs and restaurants were shut and working from home became the norm. Irish people continue to have one of the highest savings ratios in Europe. An additional €1.7bn was put into savings accounts in banks and credit unions in October, taking these deposits to a high of €123bn. It follows news of record mortgage approvals for October, driven by first-time buyers. Taoiseach Micheál Martin admitted the potential impact on the housing market would have to be assessed.
On Friday’s Morning Focus, Gavin Grace spoke to Niall Gilligan of Niall Gilligan Auctioneers in Sixmilebridge and Diarmuid McMahon, Sherry Fitzgerald McMahon Auctioneers in Ennis.