Volume of mortgages down by one third in first quarter

The volume of mortgages granted in the Czech Republic between January and April this year was one third down on the same period in 2008, according to figures released by the regional development ministry on Thursday. The fall has been attributed to caution on the side of lenders, and the fact potential home-owners are waiting to see if prices and interest rates fall further and are concerned about their ability to repay loans.