Take-up of home loans hits 20-year low

THE take-up of new residential mortgages has hit the lowest level in 20 years, figures released by the Central Bank show.

Just €964 million was lent to buyers in July, compared €2.4 billion at the height of the property boom two years ago.

The figures released yesterday show home loans grew by just 9.6% in July, the slowest rate of increase since the recession of 1987.