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Housing market continues to soar as economy picks up.
(From Irish Independent)
THE amazing, gravity-defying housing market continues to soar. With freshevidence that the economy is improving, and every prospect of another fall in mortgagerates, it seem certain to soar further, into unexplored regions of the stratosphere.
Central Bank figures yesterday showed that total mortgage lending in February topped [euro]56bn. That is 26pc more than the total in February 2003, which is the fastest increase since the housing boom began in 1995.
It is probably the fastest increase in the history of the State. True, at the height of the last property boom, in 1981, building society loans rose by 28pc. But general inflation was19pc that year.
Mortgage lending is growing at a billion euro a month. The housing market shrugged offthe global downturn without so much as a by-your-leave, so what might it achieve as things improve?
Figures from the Central Statistics Office found that the output of housebuilders increasedby 19pc last year, which means around 60,000 new units were completed. Other kinds of building work declined by 8pc, as the demand for offices and factories fell.
The frenzy in the housing market continues to put fierce pressure on building costs, especially wages. House construction costs went up 11.5pc, so not all the rise in prices is swelling builders' and developers' profits. But it cost less than one per cent more to buildan office block or factory last year. The general figures appear to show that the economy was recovering well in the last three months of 2003. Although these statistics are difficult to compile, and may be revised later, they suggest the economy expanded by 3pc in the quarter, allowing for seasonal factors. In the year as a whole, national income grew 3.3pccompared with 2002. Although that is less than the economy's potential, and not enoughto maintain employment levels, it is a big improvement on the near zero growth of the previous year. It is generally expected that growth will be closer to 4pc this year.
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