Friday 20 January 2017

Mortgage market goes back to the 1970s

Published 22/06/2011 | 07:49

While statistics on unemployment and the national debt suggest Ireland is mired back in the 1980s, forecasts for mortgage applications this year -- at a pitiful 11,000 -- suggest Ireland is dealing with an economic backdrop not seen since the early 1970s.

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Of course, statistics are by their nature selective and the actual size of our economy these days is nothing like that of the 1970s, but clearly the housing market is still suffering a painful re-adjustment.

The reasons for this are varied. Higher interest rates, lack of demand, lack of credit and, of course, unemployment among young people, who usually provide the backbone of the first-time buyer market.

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