Number of new mortgages slumps by 56%

The number of new mortgages taken out during the third quarter of the year fell by over 56% as compared to the same time last year.

The latest Irish Banking Federation/Pricewaterhouse Coopers Mortgage Market Profile shows that just over 12,000 loans were drawn down during July, August and September.

The value of the new loans taken out dropped to €2.1bn compared with €5.7bn during the third quarter of 2008.