IBF says property market is close to bottoming out
Wednesday August 12 2009
The Irish Banking Federation says the crash in the Irish property market appears to be close to bottoming out.
The federation says the number mortgages drawn down in the second quarter of this year was up 15% compared to the previous three months.
However, it says this is a consistent seasonal pattern and the figures are still down 64% compared to last year.
More than 12,000 mortgages worth a total of €2bn were issued between April and June, with first-time buyers accounting for around one-quarter of the market.
The IBF says the next few months should show for definite if the sector is beginning to recover.
