Property News

Property News
Electricity Bills May Rise Over Levy

Electricity Bills May Rise Over Levy

Electricity bills may rise over levySurprise surprise but another household bill may just be on the rise again in the not so distant future. This time round our electricity bill is set to get slapped with an extra €40 a year due to a Government proposal to pay for green energy incentives and support of peat-fired power plants.

As it said in the papers every year the Commission for Energy Regulation imposes a public service charge on all electricity users to pay for incentives for renewable energy and to support peat-fired power plants.

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Affordable housing transferred for use as social housing

Affordable housing transferred for use as social housing

Affordable housing transferred for use as social housing Local Authorities have transferred more than 1,500 affordable housing units for use as social housing in an attempt to address the excess of unsold properties following the downturn in the housing market. With the current climate the demand for affordable housing, a scheme that was designed to provide homes at a discount to the market price for people who could not afford to buy a home on the open market, has more or less collapsed.

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Rent Supplement to be reduced

Rent Supplement to be reduced

Rent Supplement to be reducedAlthough the cost of living still remains high in Ireland it has been announced that the Rent Supplement is being reduced with maximum rent supplements limits being cut by up to 36% for tenants who are entering into new leases or renewing leases.

Minister for Social Protection Eamon Ó Cuiv said that the new reductions have been put in place to reflect the fall in current rental values and also to ensure that landlords are not charging artificially high rents. He also said that the new rates related to the next eighteen months and that they would be reviewed if rents increase during that period.

The new rates are now as follows:

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The banking crisis blame game: Will any one be held accountable?

The banking crisis blame game: Will any one be held accountable?

The banking crisis blame game: Will any one be held accountable?Two preliminary reports produced earlier this week for the Government by Klaus Regling, Max Watson and Patrick Honohan on the banking crisis critised the Governments management of the economy during the boom and found that the banking crisis was caused by a simple over reliance on property lending.

The reports concluded that Ireland’s financial crisis was a homemade crisis, a run-of-the-mill property crash, “A plain vanilla property bubble” funded by excessive overseas borrowings by the financial institutions. They highlighted that overall fiscal policies notable in 2007 when Brian Cowan was Finance Minister contributed “markedly to the overheating economy… that had tax incentives boosting rather than restraining an overheated construction sector”.

What first time buyers really want

  A second hand, 3 bed semi detached house with appropriately sized rooms and adequate storage space, that requires no renovation, which is located in a safe area, has parking, a garden, is convenient to their workplace, shops and pub, and is well served by…
Property News
Ireland is no Greece: Prospects of Recovery

Ireland is no Greece: Prospects of Recovery

Ireland is no Greece: Prospects of recoveryDespite being branded alongside the so called ‘PIIGS’ group (Portugal, Ireland, Italy, Greece Spain), the Ernst & Young’s Economic Eye Summer Forecast Report says that Ireland’s economy is to grow by 2.8% in 2011.

Currently Ireland is bottom of the Eurozone league in terms of the size of its financial deficit and grouped with Portugal, Italy, Greece Spain as not economically sound, however the Ernst & Young’s Economic report shows confidence in Ireland’s ability to recover stating that “Ireland is no Greece”. It is thought that Ireland’s prospects of recovery are more favourable than other EU countries due to…

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Forbes World’s 10 Best Places to live

Forbes World’s 10 Best Places to live

Forbes World’s 10 Best Places to liveUnchanged from last year, European cities take seven of the top 10 spots on the Forbes 2010 World’s Best Places to live list.

This year Mercer ranked 221 global cities (compared to 420 cities last year) on 39 measures that included such things as; social environment, the strength of the economy, the quality of health care, school quality, recreation, theaters and sports activities. This year there was a strong emphasis on political safety and health and Mercer also introduced eco city rankings, which scored countries on how well they promote sustainability and protect their environments such as the quality of water, air quality, sewage removal and traffic congestion. All in all cities were ultimately ranked against New York as the base city; it has an index score of 100.

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Overseas Property: 2010 Investment Hotspots

Overseas Property: 2010 Investment Hotspots

Overseas Property: 2010 investment hotspots No one can deny that the effects of the global recession on the local and international housing market. However in the current climate, declining property prices create opportunities for the canny buyer, and striking whilst the market value is low gives buyers a unique chance to catch prime property before it bounces back in value. With the recent Forbes 10 best places to live list, both Knight Frank with their Prime International Residential Index (PIRI) and UK Property Journalist, Marc Da-Silva battled it out to decipher which cities, locations and countries they think are the best investment hotspots of 2010.

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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.

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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!

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