Figures released by the Irish Bankers Federation show that the total value of mortgage lending by banks has dropped 52% in the last quarter compared to the same quarter of 2010.
First Time Buyers made up 42% of borrowing with lending for investment property at a paltry 4% of the market.
The average new residential mortgage now stands at just €200,000, the lowest level since 2005.
We are in a bit of a chicken and egg situation at the moment, if the banks wont lend to good buyers, property prices will continue to fall which will mean that the banks become even more reluctant to lend!
FS
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