€40 billion borrowed to buy homes last year

Homeowners and residential investors borrowed almost €40 billion to buy property last year - about 20 per cent more than in 2005, according to a study to be published this week.

17th February, 2007

The study, by the banking lobby group, the Irish Banking Federation (IBF) and PricewaterhouseCoopers will show that the total value of mortgages issued last year to homeowners and residential investors was €39.9 billion, compared to €34.1 billion in 2005.

‘‘The figures will show that there was very strong growth in the mortgage market last year,” a well-placed source said.

‘‘They will also show that there has been a significant increase in the number...

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