Property transactions and mortgage drawdowns up, banks say

The Irish Banking Federation reports there hs been an increase in the number of houses for sale and the number of transactions and mortgage drawdowns in the past year.

There was a 30% increase in the number of properties for sale in the past year; the number of transactions increased by 19%, and the number of mortgage drawdowns increased by 15%.

The federation claims it's too soon to say the property market is in recovery – but describes it as being in a "stabilisation" phase.

The IBF is also playing down talk of a property bubble in Dublin, saying it is "overdone".

It is also calling for a tax incentive scheme to encourage so-called "empty nesters" to trade down and free up much-needed family homes in Dublin.