Growth in lending to Ireland’s private sector was the weakest in four years in November.

Private sector credit growth fell to an annual rate of 17.1% in November which compared with 18.5% in October and was the weakest rate of expansion since October 2003, according to the Central Bank.

November’s level was well below a peak of 30.3% hit in June 2007 and follows a series of declines triggered by an end to Irelands decade-long property boom during which house prices quadrupled.

Residential mortgage lending growth also slowed, dropping to 14.2% in November, from 15.1% in October (year-on-year), and to its lowest level since March 1996.

The total amount of outstanding mortgage lending increased by €1.3bn from October to November 2007 to stand at €138.5bn, bringing the average monthly increase in 2007 to €1.4bn.