Mortgage lending increasing at slowest rate in 23 years

The annual rate of increase in residential mortgage lending has fallen to its lowest level in 23 years, according to the latest figures from the Central Bank.

The bank says the annual rate has declined to 5.4% despite a survey in mortgage lending during the month of January.

It says the net increase in residential mortgages during January was €350m, which is equal to the total amount in the previous three months.

The Central Bank says overall private-sector credit increased by €3.3bn in January, compared to a €9.1bn fall in December.