Figures spark ‘credit free for all’ fears

Mortgage drawdowns have surged by 49% as rising prices, coupled with a lack of new housing stock, spark fears of a fresh property bubble.

Figures from the Irish Banking Federation covering market movement between April and June show the value of drawdowns soared by 58% against the same period last year, to stand at €820m.

With financial experts predicting that rising house prices could lead to a loosening of post-crash lending controls, opposition TDs have warned a return to a “credit free-for-all” could spell trouble.