Irish residential mortgage lending was at its slowest level for five and a half years in July.

Figures from the Central Bank of Ireland report that the growth in mortgage lending was 17.9% in July, down from 19% in June.

The month on month increase for July was €1.6bn which was 30% lower than the increase for July 2996.

Elsewhere, lending growth stabilised in July, with the annual rate at 20.3%, compared with 20.2% in June.
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Non-mortgage lending continued to grow more quickly, though it also fell from 26.3% in June to 25.9%.

The Central Bank said this is mainly due to a slowdown in lending to the property and construction sectors.