The value of new mortgage lending in Ireland plummeted 30% during the first quarter of this year and is now approximately one-third of the level seen two years ago, according to new data from the Irish Banking Federation.
According to a Reuters report, the value of Irish new mortgage lending fell to $572 million in the first quarter from $813 million in the fourth quarter of 2011. As a result, Irish house prices are now half of their value since the 2008 credit crisis began.
Residential mortgage lending in Ireland was 22% below the level recorded in the first quarter of last year and 63% below the first quarter of 2010.