Irish mortgage drawdowns improve 40% in first quarter

Dublin

THE value of mortgage drawdowns in Ireland grew 40 per cent year on year in the first quarter, data showed on Thursday, with surging demand likely to put further pressure on house prices currently posting double-digit growth.

Irish mortgage lending collapsed following the bursting of a property bubble in 2007 and a recovery over the last three years that has picked up significantly in recent months has coincided with a chronic housing shortage throughout the country.