Property News

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…

Property News
UK: Rise in demand for rental properties

UK: Rise in demand for rental properties

UK: Rise in demand for rental propertiesAccording to the latest residential lettings survey from the Royal Institution of Chartered Surveyors in the UK residential landlords there are likely to see the rental market pick up in the coming months.

The survey revealed that because of a fall in the supply of new properties coming onto the marketing for the second quarter in a row and a sizeable decline in supply of both apartments and houses to rent in the marketplace there is now an increased demand for rental property.

Because of these factors a rise in rent rates now seems inevitable, as supply cannot meet

345,000 vacant homes in Ireland

345,000 vacant homes in IrelandAccording to a report published by the Urban Environment Project at University College Dublin, there are no less than 345,000 empty houses or apartments in the State. This figure equates to just under 18% of all housing in the country.

This enormous oversupply of homes available in the Irish property market is a number well above recent figures released by both the National Institute of Regional and Spatial Analysis (Nirsa), based in NUI Maynooth and the Construction Industry Federation (CIF). Of course both groups defended their research with CIF stating that their 40,000 figure from the Irish Home Builders’ Association was the number of new, unsold homes in the State and did not include other categories such as second homes.

Property News
Drop in UK house prices during February

Drop in UK house prices during February

Drop in UK house prices during FebruaryAccording to the last property index report from Halifax in the UK residential property there saw an unexpected price fall of 1.5% in February. The decrease has been the first drop in UK residential house prices since June last year. The decline followed a downwardly revised 0.4% rise in January and left prices 4.5% higher in the three months to February compared with a year ago.

Commenting on the drop, Halifax’s housing economist Martin Ellis said; ‘the bad weather in the first two months of 2010, together with the return of the lowest stamp duty threshold to £125,000, are likely to have had an adverse impact on housing demand’.

Property News
Winning Design: New US Embassy for London

Winning Design: New US Embassy for London

Winning Design: New US Embassy for LondonFinally, after much anticipation and debate, the plans for the new US Embassy in London, designed by the Philadelphia firm KieranTimberlake were announced late last week.

The new building will be situated in the Nine Elms opportunity area of London, overlooking the southern edge of the Thames is to fill approx a five-acre site. The new design makes extensive use of glass which will be protected by a blast-resistant polymer skin; not only is this blast proof but the polymer skin will also shade the building and hold flexible solar panels. Along with all this the roof will be home to an array of solar panels that will “hide mechanical equipment while producing electricity”; “The goal is a building that creates more energy on balance than it uses”.

According to the US state department, the goal of the design of the new US embassy is to “reflect the values of the American people”. In an era so obsessed with terrorism and security the new London based US Embassy aspires to a different level focusing on sustainability, ecological responsibility and “neighborliness within a tight urban area”.

Property News
€1m Restoration Scheme for pre 1960’s Farm buildings

€1m Restoration Scheme for pre 1960’s Farm buildings

Many traditional farm buildings are to be rescued from near extension by a new EU-funded grant scheme. The project aims to restore traditional Irish Farm buildings around the country to their former glory in order to help preserve our past traditions, history and culture i.e. ‘things’ that are “distinctively Irish”; “old farm buildings are what make …

Pages