Mortgage lending growth in Ireland has hit a 22 year low, the Central Bank has revealed.

The latest figures from the bank show a 8.5% increase in total lending for residential mortgages during the 12 months proceeding September.

This is the lowest rate since September 1986.

-- Advertisement --

It is predicted the growth rate will be around 7% by the end of 2008, the bank said.

Meanwhile, mortgage approval values has grown by almost €7,000 in the past year.

The average lending agreement is now on properties €7,000 more expensive than last year, despite falls in the value of Irish homes.

Figures from the mortgage broker One Network says the average mortgage approved this year has been worth almost €260,000.

The firm said research pointed to a higher uptake of single female properties-buyers than single males.

(PR/JM)