Irish property market ''in transition''
Tue 4th Sep, 12:22:44 BST
Mortgage lending in Ireland has slowed amid speculation that the property market in the country is cooling off.
Figures compiled by the Irish Banking Federation (IBF) and PricewaterhouseCoopers claimed that although the number of people taking out mortgages and the total amount borrowed had both increased in the second quarter of 2007, the number of new loans had fallen from last year.
"While new mortgage lending has slowed to more sustainable levels - and this is to be welcomed - the fact remains that the market overall continues to grow," said IBF chief executive Pat Farrell, commenting that first-time buyers may begin to find it easier to find an affordable property.
In recent days, finance minister Brian Cowen told the Irish Independent that a slowdown was beneficial for the country.
"A climate of price moderation is a far more comfortable place for buyers than a market driven by hype," he claimed, suggesting that a cooling market should be "neither surprising nor unwelcome".
"We are now seeing a transition to a more balanced and mature market," he added.
Figures compiled by the Irish Banking Federation (IBF) and PricewaterhouseCoopers claimed that although the number of people taking out mortgages and the total amount borrowed had both increased in the second quarter of 2007, the number of new loans had fallen from last year.
"While new mortgage lending has slowed to more sustainable levels - and this is to be welcomed - the fact remains that the market overall continues to grow," said IBF chief executive Pat Farrell, commenting that first-time buyers may begin to find it easier to find an affordable property.
In recent days, finance minister Brian Cowen told the Irish Independent that a slowdown was beneficial for the country.
"A climate of price moderation is a far more comfortable place for buyers than a market driven by hype," he claimed, suggesting that a cooling market should be "neither surprising nor unwelcome".
"We are now seeing a transition to a more balanced and mature market," he added.
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