House loans’ growth jumps

MORTGAGE lending grew at its fastest pace in two years over the month of January, as the combination of lower interest rates and higher home prices compelled buyers to borrow more.

Mortgage loans rose at an annual rate of 23.2% in January, up from 23.1% the previous month, the Central Bank said yesterday. Private sector credit excluding mortgages rose 10.6% from 9%.

This was the largest single contributor to the 16% growth in private sector credit according to Central Bank figures published yesterday.