Homes too costly - broker

The independent mortgage broker, Irish Mortgage Corporation, has predicted that lending for home finance will expand in the year ending December 2000 to £6 billion (€7.6 billion). The company said that its own mortgage business should grow to £500 million per annum within the next three years. Mr Derek Maguire, managing director of Irish Mortgage Corporation, believes house prices are likely to increase by 15 per cent in the coming year. The limited property supply, combined with the prospect of increased interest rates, will, Mr Maguire said, dash the home-ownership aspirations of many young people.