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New mortgage lending reaches €663m

THE number of new mortgages issued over the past three months rose by a quarter.

The latest mortgage market profile shows that 3,983 new mortgages -- to the value of €663m -- were issued between July and September.

The figure represents a 24pc rise on the same period in 2011.

However, the figures, released by the Irish Banking Federation and Price Waterhouse Cooper (PwC), show that home lending is still near 40 year lows.

The Professional Insurance Brokers' Association said the increase in home loans was to be welcomed but warned that it is too early to say whether the figures indicated "the beginning of a policy of defrosting in lending".