Property News

Property News
Debt forgiveness: A NAMA for the people?

Debt forgiveness: A NAMA for the people?

Debt forgiveness: A NAMA for the peopleIncreasing numbers of homeowners are struggling to pay off mortgages across the country and negative equity is becoming a major issue for a large segment of Ireland’s population. Many hard-pressed, financially vulnerable homeowners are now caught in a debt trap and it has been estimated by year-end that 350,000 homeowners will be in negative equity. While other economies are slowly coming out of recession, if our homeowner debt situation is not addressed it could greatly hamper our chances of recovery.

On RTE’s Monday night program, “Aftershock: Where to now”, Matt Cooper suggested that the state should step in with a “swap of debt for equity” scheme which is commonly used to rescue companies that get into difficulty, to stop them going bust. “The swap of debt for equity is not pain free for the borrower, as they would lose part ownership of their home but it would make their repayments more manageable.”

Property News
First time buyers: Where their priorities lye

First time buyers: Where their priorities lye

First Time BuyersIn the current market there is room to be a bit more choosy / specific about what you want and about what you do and don’t like when it comes to buying property. Well first time buyers fit the bill of being a picky bunch as a recent survey carried out by MyHome.ie has shown where their priorities lye when it comes to choosing a property. First Time buyers, who are the are the single biggest group in the housing market right, making up 35% of buyers, according to the Irish Banking Federation, would choose storage space, parking and good room sizes over being close to family, friends, parks or schools!

Property News
Greek bailout: Slow our recovery and affect mortgage rates?

Greek bailout: Slow our recovery and affect mortgage rates?

Greek BailoutTaoiseach Brian Cowen will meet the euro zone heads of government in Brussels today to discuss the Greek bailout and Irelands €1.3 billion contribution to the IMF’S rescue plan for the Greek economy. Greece currently has the highest debt burden and the largest interest-rate bill of the euro countries.

Some economists have commented that the Greek bailout decision is not overly welcomed and could be the detriment of all euro countries, including Ireland. In order for Greece to get their act together over the next two years their bailout will have be accompanied by extremely harsh conditions;

Property News
REA Property Auction: Has the market finally bottomed out?

REA Property Auction: Has the market finally bottomed out?

REA Property AuctionAll eyes will be focused this morning on the Real Estate Alliance auction where 59 properties are going under the hammer today for up to 60% less than their original asking price.

The auction, which kicked off at 11am in Dublin’s Shelbourne Hotel includes houses, apartments, commercial properties and development sites ranging in price from €60,000 to €1.5m. Most of what’s on offer today are located in the provinces where the market has taken a heavier hit than in the main cities and towns.

Some believe the auction will help provide the Government with a true valuation of properties across the country and will also reveal the answer to the million dollar question i.e. has the property market finally bottomed out?

Property News
Survey Shows First Time Buyers Ready to buy

Survey Shows First Time Buyers Ready to buy

Survey Shows First Time Buyers Ready to BuyAccording to MyHome.ie, the number of people who plan to buy their first home in the next year is on the rise. A recent survey carried by the property website has revealed that two thirds of first-time buyers hope to make a purchase in the next 12 months, a 7% rise since last Autumn.

Not surprisingly, the survey also showed that first time buyers are looking for cheaper property with 5% fewer respondents looking to buy a property between 300K and 350K, 4% more searching in the 200K to 250K. The three bed semi is the property type of choice as apartments continue to remain out of favour.

Property News
Rental Scams: Beware of The Phantom Landlord

Rental Scams: Beware of The Phantom Landlord

If you are in the market to rent beware of the so-called Phantom Landlord. Rental scams are still alive and well and all would-be tenants are still being advised to take precautions before handing over money for any rental property.

Be advised that MyHome.ie will never ask you for money. We only advertise properties on behalf of agents and landlords so your agreement is them. No payment will ever be made to us and any agreement entered into is done so at your own risk.

The phantom landlord can come in many guises but two are most prominent i.e. the meet and greet deposit scam and the email / online deposit scam.

First off, the meet & greet deposit scam
Potential tenants view a rental property and are requested to pay a deposit and at least one (if not two) month’s rent in advance to confirm they will be renting the property. When you turn up to move in you find the keys don’t work and you cannot access the property. The person who showed you the apartment is nowhere to be found and not contactable. You, the ‘potential’ tenant will find yourself joining a long line of other potential tenants, who have also handed over the money to the same phantom landlord.

Property News
Should empty, unfinished houses, ghost estates be demolished?

Should empty, unfinished houses, ghost estates be demolished?

Should empty, unfinished houses, ghost estates be demolished?According to a few sources & reports released earlier this month the stock of empty homes in Ireland soared 30% in the three years through 2009 and it is now estimated there are between to 345,000 and 352,000 vacant houses in Ireland.

Bad-bank NAMA aims to buy €80billion of property loans as part of a government plan to free up lenders but has warned only one third of loans – €27bn of the €81bn to be taken over by NAMA are functioning with debtors paying money owed or at the very least some of the interest on the loan. As a result, NAMA chief executive Brendan McDonagh told the Oireachtas Joint Committee on Finance this week that it may be forced to knock down unfinished property developments outside Dublin…“We may well be faced with the very difficult decision of perhaps knocking down certain developments”. …

Property News
Greed knows no bounds: Rise in mortgage rates

Greed knows no bounds: Rise in mortgage rates

Although the European Central Bank (ECB) left its rates unchanged yesterday for the 11th month in a row Bank of Ireland followed AIB today by announcing an increase in their standard-variable rates. The increase from 2.6% to 3.1% for both existing and new customers will add an extra €80 a month to the repayments of a €300,000 mortgage.

Thousands of homeowners who are vulnerable (and already hard-pressed,) to these rising mortgage rates are now being warned that they have seven days to act. Commenting on the rate rises Karl Deeter of Irish Mortgage Brokers said, “There is a very short window of opportunity now for those seeking security around the level of their future mortgage repayments to act fast before the rates increase further.” He continued, “These rises come in a year of cuts, levies, higher tax costs and deflation. It seems their greed knows no bounds.” …

Property News
Irish rental market following in hot pursuit of UK market

Irish rental market following in hot pursuit of UK market

Irish Rental MarketFollowing recent reports that the rental market in the UK is starting to pick up it seems the bug has sailed across the waters to Irish shores. According to the Lettings wing of Sherry FitzGerald there are signs (albeit small) of stability emerging in the Lettings Market.

However the signs of stability are more concentrated in sought after locations in the Dublin city centre market and are not the talk of the entire country. This new found good news in Dublin’s city centre they say is due to a “combination of a tightening of supply and resilient demand resulting in more stabilised rents”. Not only that but because of the high level of quality apartments available in the city centre along with public transport facilities and a wide range of amenities, the rental market in the city is more attractive and highly sought after by potential tenants. Poorer located properties…

Pages