Mortgage lending falls by 50% despite slight increase in last few months

MORTGAGE lending has fallen by more than 50% in the last year but edged up slightly in the last few months.

The value of new mortgage lending in the third quarter of 2011 was €623 million, according to the latest IBF/PwC mortgage market profile. During that time, 3,607 mortgage loans were issued which is a 50.3% drop compared with the same period last year.

However, it is an increase of 1.6% on the previous quarter. This is the first time since quarter three 2006 that the number of loans has increased in two consecutive quarters.