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New data from the Central Bank show that the growth in mortgage lending for residential properties dropped to 7. per cent last month - the lowest figure for 12 years.
The Central Bank described the state of mortgage lending in Ireland as "exceptionally weak" during the month of October, reports the Irish Times.
Furthermore, a new study from the country's Central Statistics Office claims published today (November 28th) claims the contribution of the construction industry to the Irish economy will fall by almost a quarter (23 per cent) this year.
In related news, the Irish Construction Industry Federation recently rejected a national pay deal put forward by the government and unions and called for a ten per cent pay cut in the sector.
