Value of housing market down €11bn in 12 months

IN THE 12 months after property prices peaked, the value of the housing market fell by €11 billion, figures have revealed.

In the year ending last September, the total value of mortgages paid out to borrowers was €20.25bn, a 36% drop on the figure for 2005/2006.

This came after the market was at its most active in the middle of 2006.