Property News

Property News
Mortgage Arrears: Biggest Legacy of the financial crisis?

Mortgage Arrears: Biggest Legacy of the financial crisis?

Mortgage Arrears: Biggest Legacy of the financial crisis?Speaking about new figures released by the financial regulator today on Mortgage arrears Head of financial regulation at the central bank Mr. Elderfield said that mortgage arrears may just be “the biggest legacy issue” from the financial crisis. According to the updated figures released the financial regulator the number of homeowners missing monthly mortgage repayments increased again in the first quarter of this year, rising by 13%. At the end of March, 32,321, close to 4% of all residential property loans in the state with a value of €6.1 billion were more than 90 days behind in payments.

While many have raised the question about helping householders with substantial mortgage arrears Mr. Elderfield said that there is “No silver bullet solution… and in seeking to assist households in difficulty, we need to recognise that the cost of any support will be borne by those neighbours who avoided excessive borrowing themselves or are gritting their teeth and meeting their obligations.” Taxpayers would have to bear the cost of any support mechanism over arrears, he said.

Property News
Household Water Charges: There maybe trouble ahead

Household Water Charges: There maybe trouble ahead

Water Charges: There maybe trouble ahead.A good news story for all householders around the country today on hearing that the proposed water charges to be introduced by the Government to all 1.1 million households in the State by 2012 maybe now in doubt!

Major doubt over the planned roll-out of water charges for domestic households came about when it was reported that local authorities are currently have difficulty in forcing businesses to pay their water charges, with councils reporting unpaid bills totaling €77m!

Property News
Kanye West lists LA property for a mere €3m

Kanye West lists LA property for a mere €3m

Kanye West lists LA PropertyRapper slash hip-hop producer Kanye West has put his Hollywood Hills home on the market for a mere $3,995,000 or the equivalent of €3,185,972.20 in yo yos to be exact. The price is so below the extorted prices of Hollywood and the property world of the celebrities than one media source in the US had to clarify that “no — that sale price is not a typo, it’s missing an extra digit.”

Property News
Empty houses: Should they be given to those in need?

Empty houses: Should they be given to those in need?

 Empty houses: Should they be given to those in need?According to the annual report released by Homeless agency Focus Ireland this week, there are currently 5,000 people without accommodation in Ireland with a further 100,000 households waiting for local authority housing.

Following the publication of their report the charity has called on the Government to use empty houses left over from the boom to provide accommodation to those most in need. They asked how “thousands of homes were lying empty in every county when more people than ever before were living in inadequate, overcrowded, unsuitable and insecure shelter“.

Property News
Property Tax likely to be introduced

Property Tax likely to be introduced

Property Tax likely to be introducedWhile we escaped the introduction of a property tax in the last budget it seems that we might not be so luck next time round. The previously much talked about property tax reared its ugly head again just before weekend when our Taoiseach Brian Cowen mentioned during an interview that the Tax is currently being considered for inclusion in the next Budget.

While most, if not all homeowners in the country are financially hard-pressed at the moment, Brian Cowen justified the tax by comparing it to the second home / holiday home tax that was introduced last year “It was a simple tax, it was complied with and it worked well. We have got to look at other areas such as that … not because you’re trying to just impose taxes for the sake of imposing taxes — we have got to keep expenditure down”. Not only that but he also said that he said,

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.

Pages