Brendan Keenan: The lenders are feeling the fear just as acutely as the buyers
It is unlikely that all of the slump in the property market is simply due to nervous purchasers
Published 22/05/2011 | 05:00
WHATEVER happened to all those desperate house-hunters? Who took away the property ladder on which we were so keen to mount the first step, or move to new heights?
In the first three months of the year, only 3,259 new mortgages were issued. The once teeming industry of banks, estate agents and solicitors was processing on average, just 40 new home loans per day. One could do it out of a couple of offices.
What really caught my eye was in the data from the Irish Bankers Federation and PricewaterhouseCoopers was that the number of new loans was 53 per cent down on the same period last year. There was a slight upturn in the size of mortgages issued, which meant the value of loans was 42 per cent less than in the first three months of 2010.