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Mortgage lending slumps by 37 per cent
Tue, 18 Nov 2008
Although reports of cheap fixed-rate mortgages on the market this morning could reverse the trend, new mortgage lending in Ireland appears to have fallen 37 per cent in the nine month running up to September 2008. With falling property prices and stricter lending criteria, Ireland has experiences a similar shift in the market to that of the UK.

Mortgage lenders recorded steep declines in new mortgage applications and approvals. The difference between the record levels of early 2005 is astronomical. The value of new mortgage loans in the third quarter slipped to 5.6 billion euros, down from 10.9 billion euros in the third quarter of 2006.

The first-time buyers market was particularly hard hit, falling 31.8 per cent in value in the third quarter, the second biggest decline ever. Similar to the UK, first-time buyers have faced a difficult time in getting onto the property ladder since the start of the credit crisis.

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