House purchases up slightly

HOUSE purchases have increased slightly in recent months but analysts say it is far too soon to conclude if the property market is picking up.

More than 7,800 mortgages worth €1.3 billion were drawn down between April and June, a 12.5% rise on the previous three-month period. However, Pat Farrell, chief executive of the Irish Banking Federation, said there was always a rise in spring following thewinter.

“There is always a pick-up according to seasonal factors in the second quarter of the year so it would be wrong to read too much into this. I’d wait until we see the figures for the next two quarters.”