house prices

Property Market Clarity: Sale Price Database initiated

Property Market Clarity: Sale Price Database initiated

 Property Market Clarity: Sale Price Database initiated Justice Minister Dermot Ahern announced yesterday that under new legislation a database of property sales prices for both residential and commercial property is to be set up and made available to the public in order to (finally) provide transparency about what is going on in the housing market. The news has been welcomed by many organizations, agents and punters saying the planned database would bring much-needed and overdue clarity to the property market.

The responsibility for publishing the data will fall on the…

300,000 homes are currently unoccupied: Why are we still building?

300,000 homes are currently unoccupied: Why are we still building?

More than 300,000 homes are currently unoccupied: Why are we still building? “Ireland is awash with buildings that few people either can afford or want to purchase,” states a new report published by The National Institute for Regional and Spatial Analysis (Nirsa).

Based at NUI Maynooth, Prof Rob Kitchin the Director of the State-funded academic institution said that a post-mortem is needed into the Government’s failure to control the property bubble… “An independent inquiry is needed to investigate all aspects of the planning system and its operation within and across different agencies and at all scales in Ireland including charges of localism, cronyism and clientelism,”… “It would be foolhardy to carry out a banking inquiry without also looking into planning mistakes” he said.

Findings of the report include:

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…

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

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…

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 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”.

Tough new rules for mortgage lenders

Tough new rules for mortgage lenders

Tough new rules for mortgage lendersIt is hard to believe but true that Ireland is one of the few countries in Europe where there are no rules limiting the overall debts that a household can accumulate – BUT that’s all about to change. Yesterday the Financial Regulator unveiled a sweep a new measures to put manners on Ireland’s financial institutions as part of a major clampdown on bank lending.

Regulators will now be keeping a very close eye on all lending by banks to households and potential homeowners will now find it even more difficult to get their hands a mortgage as tough new rules will make remove the ease of getting one that was there during the boom times.

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