Economics
Mortgage growth slowest since 1987
Tuesday, 30 September 2008Figures from the Central Bank show that the annual rate of growth in mortgage lending dropped to its lowest level in 21 years in August.
Residential mortgage lending was up 9% compared with the same month last year, the lowest annual rate since mid-1987.
The increase in mortgage borrowing in August was €508m, just over half the figure for July. The Central Bank said that while August was usually a quiet month, this figure was 'exceptionally low'.
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The annual rate of growth for all private credit in the economy slowed to a six-year low of 12.9% in August.
The Central Bank also said that new spending and repayments on credit cards were noticeably lower in August than July.
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