Property News

Property News
Mortgage Arrears: Are we heading for repossession “disaster”?

Mortgage Arrears: Are we heading for repossession “disaster”?

Mortgage Arrears: Are we heading for repossession “disaster”? Yesterday a man in Arklow, Co. Wicklow barricaded himself and his sister into their family home using machinery from his plant-hire business in order to stop the house from being repossessed. The man said his actions were an attempt to reopen negotiations with an unspecified lender that had attempted to serve a repossession order.

New figures show that 600 new cases of repossessions have come before the courts in just one month and according to the Financial Regulator as of May just gone by, 32,321 mortgages or 4.1 % of all 791,000 mortgages in the State were in arrears for more than 90 days during the first quarter of the year. Chairman of the Public Accounts Committee (PAC) warned that Ireland is facing repossession “disaster” if steps are not taken to aid homeowners struggling to pay their mortgages.

Fine Gael TD Bernard Allen said “With so many people struggling to keep up with mortgage payments it is vital that action is taken now to force the banks to make repossession the absolute last resort; if this doesn’t happen…

Property News
Mortgage Rates on the rise again: Should you fix now?

Mortgage Rates on the rise again: Should you fix now?

Mortgage Rates on the rise again: Should you fix now?Following the first round of increases earlier this year, EBS announced a further increase of 0.6% on its Standard Variable Rate mortgage this month which was followed on Friday by Irish Life & Permanent with a 0.5% increase on their Standard Variable Rate; it is only a matter of time before all banks follow suit.

So the question holders of SVR mortgages are asking… should I fix?
Last January when banks show signs of imposing increases the same question was asked…to fix or not to fix? Locking into a fixed rate is unlikely to save you money, but it will definitely

Property News
Dublin City Council Rent to Buy Scheme

Dublin City Council Rent to Buy Scheme

Dublin City Council Rent to Buy SchemeDublin City Council is the first in the country to launch a rent-to-buy scheme in of 91 apartments in Rialto, Glasnevin and Finglas; if the pilot scheme proves successful it could be rolled out by all local authorities across the country next year.

Since the slow down in the Irish Boom Tiger, Local Authority affordable housing did not manage to escape the drop in property prices and many councils are now left with a plethora of empty properties on their books. Fine Gael housing spokesman Terence Flanagan said…

Property News
Property Tax: The never-ending story

Property Tax: The never-ending story

Property Tax: The never-ending storyCan we blog any more on property tax… yes we can! The subject of whether or not to introduce a property tax seems to be an on going and endless topic of conversation. Appearing in the paper again today ahead of this Wednesdays budgetary talks it now seems that a Property Tax is not on the agenda for the next budget – hip hip hooray!

Not even two weeks ago Taoiseach Brian Cowen told the Government that he had made no ‘Yes’ of ‘No’ decision on whether or not to introduce a property tax in the next budget BUT it now seems that the Government has ‘signaled’ such a tax will not form part of the next budget;

Property News
3 Four Bed Semis for less than €170,000 in Mayo

3 Four Bed Semis for less than €170,000 in Mayo

3 Four Bed Semis for less than €170,000 in MayoThis week’s three properties for X amount are all located in the panoramic and tranquil county of Mayo. All properties are 4 bed detached, come in under the €170k mark and are all described as excellent first time buyer or investment properties.

First up on the list and the least expensive at €160,000 is 18 Waterstone located in Ballina. The property has generous living space both inside and out with a large private rear garden and ample parking to the front with spacious interior living that comes with a fully fitted kitchen and tiled flooring. No. 18 is also situated in a small but popular residential development within a short of all Ballina’s amenities.

Property News
MyHome Property Barometer Q2 2010

MyHome Property Barometer Q2 2010

Property Barometer Q2 2010According to the latest MyHome.ie Property Barometer Asking prices continued to decline, down 3.4% nationally in Q2.

  • The average asking price nationally is €291,278 and €339,598 in Dublin.
  • Apartments and new house prices decline at higher rate but 3 bed properties in Dublin beginning to stabilise.

Property prices fell 3.4% in the second quarter, bringing the fall for the year to date to 7%, according to the latest Property Barometer issued by leading property website, MyHome.ie.

The latest fall – the 14th consecutive declining quarter – brings the total decline from the peak in Q4 2006 to almost 30%.

MyHome.ie Property Barometer Q2 2010

  According to the latest MyHome.ie Property Barometer Asking prices continued to decline, down 3.4% nationally in Q2. The average asking price nationally is €291,278 and €339,598 in Dublin. Apartments and new house prices decline at higher rate but 3 bed  properties in Dublin beginning…
Property News
The Irish Planning Permission Process: Makes no logical sense?

The Irish Planning Permission Process: Makes no logical sense?

The Irish Planning Permission Process: Makes no logical sense? During the week Mr. Justice Edwards ruled, with ‘very great regret’ against a couple in County Meath and agreed that the local County Council were entitled to a demolition order for their two-storey home, which was built without planning permission.

Their house, which they have lived in since December 2006, is 6,229sq.ft house; more than twice the size of a previous planning application submitted by the couple for which permission was refused. The couple, who have three children, had been refused planning permission for a number of different sites and gave a sworn statement that they had become ‘totally frustrated’ with the planning process and went ahead with the building of the property.

Property News
Should support be provided for those with mortgage arrears?

Should support be provided for those with mortgage arrears?

Should support be provided for those with mortgage arrearsAfter a 2-week visit to Ireland last month, the IMF released a report yesterday commending the measures the Irish Government took to deal with its financial crisis. The report also endorsed plans to help struggling homeowners burdened with mortgage difficulties as a result of the financial crisis by putting in place “narrowly-targeted support measures for vulnerable homeowners”.

Most recent figures show that 1 in every 25 or some 32,000 residential mortgage holders in the state have not paid their mortgage for three months or more. Under the new recommendations (which are to be made next week) lenders will have to collaborate with hard pressed mortgage holders and offer them one or a combination of the following;

Property News
Property Tax: Yes, No, Yes, No, Yes, No…Yes… No…?

Property Tax: Yes, No, Yes, No, Yes, No…Yes… No…?

Property Tax: Yes, No, Yes, No, Yes, No…Yes… No…?The suggestion of a possible introduction of a property tax has taken up more newspaper space again today. During yesterdays Dáil meeting Taoiseach Brian Cowen told the Government that he has still made no firm decisions on whether or not to introduce a property tax in the next budget. He commented that such a move / introduction would require “major structural changes in the taxation system”.

Along with many other TDs, leader of Fine Gael Enda Kenny took no prisoners yesterday and asked the Taoiseach for a “Yes” or “No” answer and said by not clarifying or confirming whether the tax would be introduced or not implied that the idea has not been ruled out. He said that the whole idea of the tax was grossly unfair and that “there is plenty of scope to reduce borrowing without the introduction of a property tax”.

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