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Mortgage lending falls

THE value of mortgages given out fell by almost €300m in May, data from the Central Bank shows.

Loans to households dropped across the board, but the biggest drop was recorded in home loans.

Homeowners continued to prioritise paying down debt, as household loan repayments exceeded drawdown by €490m during the month.

The data backs up arguments that the property price surge experienced in Dublin has nothing to do with credit, but is attributable to lack of supply.