Irish home mortgage approvals in February 2014 on
an annualised basis were at the lowest since 1972 - - 42-years ago, even
though Ireland's population has grown by 53% in the interval - - from 3m to
The Irish Banking Federation said on Thursday
that a total of 1,494 mortgages were approved in February, of which 1,397 (93%)
were for house purchase - - the remainder were top-ups.
CSO current housing data goes back to 1970 and in 1972,
19,200 mortgages were approved: 13,400 for new houses and 5,800 for second-hand
The number of mortgages approved in February showed a
year-on-year increase of 32.6% and a month-on-month fall of 5.9% - - early 2013
was more abnormal than the normal abnormal - - back to the mid-1960s -- as a mortgage tax break ended
at end 2012, which resulted in a slight spike in late 2012.
The value of mortgages approved in February was
€252m of which €243m (96%) was for house purchase.
Apart from tight bank credit, the data also
raises the issue of the type of jobs that were added in the economy in 2013:
Irish Economy 2014: Did Ireland add 61,000 jobs in 2013?
Irish adjusted GNP in 2013 estimated at 1% compared with official level of
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