Homebuyers borrow record €1.7bn

HOME buyers set a new record in December, borrowing a massive €1.7 billion as the demand for residential property continued to defy expectations.

However, credit figures eased overall according to the Central Bank’s monthly statistics for December as the pace of economic activity remained modest.

Annual mortgage lending was up from 25.5% in November to 25.7% for the year to end December 2003. The December mortgage rise of €1.7bn is further reflection of continuing strong demand for residential properties which saw 67,000 new homes built last year.