Mortgage values fall for first time

THE value of mortgages on Irish property have fallen for the first time on a year-on-year basis, figures released by the Central Banks show.

“Residential mortgage lending outstanding (including securitised mortgages) declined by €134 million in November – the eighth consecutive month of decline. The year-on-year change in the level of outstanding mortgages declined for the first time in November 2009, being 0.1% lower than in the same month in 2008,” the Central Bank said in its latest private sector credit bulletin.

And lending by the European Central Bank through the Irish Central Bank to Irish-based financial institutions has fallen from a high of €130.4bn on June 26 to €78.6bn by November 27. However, the bulk of this, €74.32bn, is long-term refinancing.