Credit unions could be allowed to push up the cost of loans

The Minister for Finance Paschal Donohoe is set to press ahead with plans to allow credit unions to hike up the cost of the loans they offer their customers, in spite of opposition from some Government ministers.

Credit unions are currently limited to charging customers an interest rate of 1 per cent a month on their personal loan, thus ensuring access to loans at a reasonable rate for customers of credit unions.

Irish TimesView Full Article

Insolvencies for builders up 50pc despite housing crisis

The number of builders going insolvent increased by almost 50pc last year, in the midst of a housing crisis where building services are sorely needed.

New figures compiled by Deloitte show 158 construction firms went into insolvency last year, compared to 108 in 2017.

Irish IndependentView Full Article

FF seeks mortgage rate cap as part of stability agreement

Fianna Fáil representatives met with Central Bank officials to discuss ways to tighten rules for variable mortgage interest rates, as part of a new Confidence and Supply deal with Fine Gael.

The party is now demanding new laws to limit hikes to variable mortgage rates be introduced in return for propping up Taoiseach Leo Varadkar's Government.

Irish IndependentView Full Article

Homeowners could face huge bills as another insurance firm collapses

Hundreds of homeowners have been left without insurance cover if their homes develop structural defects following the failure of a Danish insurer.

Alpha Insurance filed for bankruptcy earlier this year. It had 12,000 customers here. Last week, 50,000 drivers had to get alternative insurance cover when another Danish insurer, Qudos, went into liquidation.

Irish IndependentView Full Article

Inflation eases but cost of renting home at record level of €1,122 a month

Rental costs are continuing to rise but there has been a easing off in the rate of the increase.

Rent pressure zones, where rises are restricted by law, have slowed the pace of rent increases for existing tenancies. However, the Government admitted that less than half of all new social homes promised for delivery this year have been completed.

Irish IndependentView Full Article

Housing Minister wants shift to longer-term rental leases

It seems strange that in a country where long leases – sometimes 99 years or more – were not unusual, that many now worry about short lets in the residential sector.

Oisín Smyth, chairman of Dún Laoghaire-Rathdown County Council, on Monday argued that we regarded renting a home as a staging post to ownership, something nobody does for very long.

Irish TimesView Full Article

The Irish Times: AIB lines up record €3.4bn loan portfolio sale AIB lines up record €3.4bn loan portfolio sale

AIB’s latest troubled loans portfolio sale, initiated in recent weeks, contains debt that was originally valued at €3.4 billion, according to sources.

That’s three times the previously reported size of the collection of non-performing loans (NPLs), known as Project Beech. It is comprised of buy-to-let mortgages and borrowings against commercial property and development land.

Irish TimesView Full Article

Taoiseach vows to close loophole that allows €1.3bn mortgage 'vehicle' not to pay tax

TAOISEACH LEO VARADKAR said a loophole which allows a €1.3 billion mortgage ‘vehicle’ from paying tax will be closed if the government can do so.

Last week, PTSB bank bosses confirmed that the ‘special purpose vehicle’ which more than 6,000 of its mortgages have been transferred to will be exempt from tax.

The JournalView Full Article

Rogue landlords face jail and €30,000 penalties

Rogue landlords face jail and hefty penalties of up to €30,000 for breaking strict rules on rent hikes under beefed up protection for tenants.

Housing Minister Eoghan Murphy will bring legislation to Cabinet today which will significantly increase the powers of the Residential Tenancies Board (RTB).

Irish IndependentView Full Article

Property prices continue to rise - but rate of increase slows

There has been a further slight slowdown in the rate of property price inflation.

New figures from the Central Statistics Office show residential property prices increased by 8.4pc nationally in the year to October.

Irish IndependentView Full Article

New lender enters Irish mortgage market

Non-bank lender Finance Ireland has signalled its intention to become a key player in the mortgage market with the purchase of the home-loan business of Pepper Money.

It plans to grow the Pepper mortgage book and is aiming to launch additional home-loan products in the new year.

Irish IndepenentView Full Article

Customers to benefit from Ulster Bank's mortgage rate error

Ulster Bank has made a mistake - but this time customers are to benefit.

People who opted to fix their mortgage rate at 2.3pc for two years have been written to erroneously telling them they have the rate for three years.

Irish IndepenentView Full Article

Dilosk to buy Leeds Building Society’s €182m Irish mortgages

Dilosk, the buy-to-let specialist that bought Bank of Ireland’s ICS Mortgages brand in 2014, has agreed to buy the €182 million Irish mortgages book of Leeds Building Society, which announced plans during the summer to exit the market.

It marks Dilosk’s fourth loan portfolio acquisition to date and brings its total loans to about €600 million, according to chief executive Fergal McGrath.

Irish TimesView Full Article

M&G backs Finance Ireland’s foray into mortgages

Finance Ireland, the State’s largest non-bank retail lender, has lined up UK asset manager M&G Investments to fund its entry into the mortgage market and the purchase of Pepper Money’s €200 million home loans portfolio.

Speaking to The Irish Times, Finance Ireland’s founder and chief executive, Billy Kane, said the company and M&G had already agreed to establish an Irish mortgages partnership before they became aware of the opportunity to the Pepper residential mortgages portfolio and platform this year.

Irish TimesView Full Article

AIB Chief Says Irish Mortgage Market to Disappoint but Rebound in Medium Term

DUBLIN (Reuters) - AIB chief executive Bernard Byrne said on Wednesday that the Irish market for mortgages would be smaller than expected in 2018, but the shortfall would be erased in the medium term as newly built property becomes available for buyers.

The lender is the largest provider of mortgages in the country with around 32 percent of the market, a share it expects to maintain as the market grows.

US MoneyView Full Article

First-time buyers pay out €157 more every month than eurozone average

The high rates are combining with a scarcity of properties for sale to price more new buyers out of the market, experts said.

New figures show that a typical new buyer is paying almost €157 more for their mortgage each month compared with the average in the eurozone.

Irish IndepenentView Full Article

An Post Money to take on pillar banks with mortgages by end of 2019

An Post is planing to enter the small business lending market as part of an ambitious financial services strategy which will see it offer mortgages, personal loans and fintech services.

The semi-state company will launch An Post Money in the spring, adding several new products to existing services such as current accounts and foreign exchange.

Irish IndepenentView Full Article

Prices flatline as ordinary families find even a semi-D beyond reach

House prices are flatlining in Dublin and Ireland's other cities - with even an average 'semi-D' out of ordinary families' price range.

In large tracts of Dublin, the past three months have seen barely any increase in the price of a typical family home.

Irish IndepenentView Full Article

Help-to-Buy set for year extension

The controversial Help-to-Buy scheme looks set to be extended for another year after Fianna Fáil dropped its opposition to the tax break for first-time buyers.

The Fianna Fáil U-turn on the first-time buyers scheme comes despite widespread criticism of the tax rebate.

Irish IndepenentView Full Article

Warning that land agency does not offer short-term housing fix

A leading developer has warned that while the Government's new Land Development Agency (LDA) was a good idea, it will do little or nothing to tackle Ireland's housing crisis before 2023.

Michael O'Flynn, chief executive of the O'Flynn Group, said Ireland still needed to address the cost of land and the lack of housing supply in the short term.

Irish IndepenentView Full Article

Almost 25,000 homes sold in the first half of 2018. Here's where they all are

THE NUMBER OF homes changing hands in Ireland is on the up, increasing 3.6% since last year according to new analysis of the Property Price Register from MyHome.ie.

In the first half of the year, 24,448 properties were sold with the value of these transactions totalling €7.11 billion.

Irish IndepenentView Full Article

6 essential things everyone should know about switching their mortgage

1) Can I switch my mortgage?

Your Loan-to-Value (LTV) ratio, which is how much you owe on your mortgage in relation to how much your house is worth. Lenders will look at your loan to value ratio when considering your mortgage application. In general, borrowers with lower LTV ratios will qualify for lower mortgage rates than borrowers with higher LTV ratios. For example, if you have €150,000 left on your mortgage, and your house is worth €300,000, your LTV is 50%.

The JournalView Full Article

Stop-gap lending rules limit home ownership to rich

WHEN the Central Bank tightened up on mortgage lending by introducing a stringent new set of lending criteria in February 2015, it was against a backdrop of house price inflation running close to 20pc per annum in the capital and rising to worrying levels in other cities.

The property market was overheating, just as it had done in the run up to the boom (albeit for different reasons).

Irish IndepenentView Full Article

Borrowers unaware of protection choice

Almost half of mortgage holders feel they were put under pressure to take out their bank's protection policy, new research has found.

Most of the country's main residential lenders use Irish Life for their mortgage protection policies with AIB, KBC Bank Ireland and Permanent TSB all signed up. Bank of Ireland use their own wholly-owned subsidiary, New Ireland.

Irish IndepenentView Full Article

Bulge in home-buyer demand reflects housing needs rather than hotter Irish economy

The latest KBC home-buyer survey finds many are in accommodation that no longer meets their needs and plan to buy even if they face major problems in finding the right home

This means that the experience of home-buying is one that is endured rather than enjoyed.The main details of the survey are set out below.

LinkedInView Full Article

Low interest rates still needed - Draghi

A RECOVERY in inflation expected by the European Central Bank (ECB) is conditional on market interest rates staying low through the summer of next year

The ECB President was speaking before the European Parliament's Economic and Monetary Affairs Committee. He said a pick up in underlying inflation in the eurozone was "relatively vigorous" and expressed confidence that wage growth would continu

Irish IndepenentView Full Article

€500m invested amid build-to-rent boom

International investors deployed over €500m in Ireland's residential investment market in the first six months of this year, a new report from CBRE has found.

While the figure represents a doubling of the annual average volume of residential investments traded here since 2012, it looks set to grow exponentially with CBRE reporting that over €5bn of institutional equity drawn from the UK, Europe, Canada, the US and the Middle East is now targeting the Irish build-to-rent (BTR) sector.

Irish Indepenent View Full Article

One in five will still pay mortgage in retirement

Large numbers of cash-strapped householders expect to be still paying off their mortgages in retirement.

A third of people are also concerned about having enough money to live on when they give up work, according to research into pensions commissioned by Zurich Life.

Irish Independent View Full Article

Banks here top interest rate 'league of shame'

Banks in this country have again topped the "league of shame" after official figures show mortgage rates here are the highest in the eurozone.

The elevated level of rates mean a first-time borrower who takes out a €250,000 mortgage will end up paying almost €70,000 more over the life of the loan than the average in the euro currency area.

Irish Independent View Full Article

House price rises now at lowest level in 15 months

The rate at which property prices are increasing continues to ease off.

This is being put down to buyers reaching the limit of what they can borrow due to Central Bank lending restrictions.

Irish Independent View Full Article

Irish house prices are heading for 'soft landing' - S&P

But ‘strong growth’ is still predicted until supply catches up with demand around 2021 ratings agency says

Irish house prices, along with housing markets elsewhere in Europe, are heading for a “soft landing” ratings agency S&P said on Monday. But a soft landing in an Irish context still means another three years of strong growth until supply catches up with demand around 2021.

Irish Times View Full Article

'My fixed-rate is ending and I’m thinking of switching mortgage - what should I know?

THE WORLD OF MORTGAGES can be a tricky one to navigate, and the one you opted for when you purchased your home isn’t necessarily going to be the best option for the entire length of your mortgage.

To make it easier on our readers, we want to get an expert’s support for when you have to weigh up – is it worth switching my mortgage?

The Journal View Full Article

David McWilliams: Dublin’s housing market not yet ripe for a crash

This week the influential magazine the Economist suggested that Dublin’s house prices are 25 per cent overvalued relative to long-term income

The Economist was one of the early sirens last time out, warning loudly about the Irish property market in 2003, so it has good form.

Irish Times View Full Article

Your Questions: How can I get out of my expensive fixed rate mortgage deal?

I currently have a €300,000 mortgage and have 25 years left on it. Two years ago, I moved to a five-year fixed rate which I thought was a good move because it would give me the peace of mind knowing my repayments won't change for five years.

But I now find myself paying a rate of 4.2pc, while my brother, who has a similar mortgage, has just secured a five-year fixed rate of 2.8pc. It galls me to think I'm locked into this rate for another three years. Is there anything I can do? My house is definitely worth more than the mortgage on it.

Irish Independent View Full Article

House buyers hit out at stiff Central Bank lending rules

Almost three out of four people saving for a mortgage believe the Central Bank's lending rules are unfair, according to the latest Sunday Independent/Kantar Millward Brown opinion poll.

This represents a 19pc increase in the number of people who are frustrated with the Central Bank since they were surveyed last year.

Irish Independent View Full Article

Richard Curran: Don't choke on your Cornflakes over The Economist's Dublin house price analysis

The finding by 'The Economist' newspaper that house prices in Dublin are 25pc overvalued when compared to people's income, may have caused quite a few people to choke on their Cornflakes before heading to work to get paid and repay the mortgage.

You may be about to buy a house and could feel a chill down around the feet.

Irish Independent View Full Article

Property price peak in Ireland is in sight - experts

The pace of the surging property market will ease off as prices have now hit the very outer limits that families can pay, experts predict.

Buyers are now being restricted in what they can bid due to Central Bank lending limits - while prices have risen so much they are now increasingly beyond reach.

Irish Independent View Full Article

Banks under fire for charging huge fees for breaking out of fixed rates

Banks have been accused of breaching EU regulations by quoting massive fees for mortgage holders who want to break out of a fixed rate to get a cheaper one.

The Central Bank has been called on to probe the fees, with the situation described as having the potential to turn into the next tracker-like scandal.

Irish Independent View Full Article

House price inflation is expected to slow

Property price inflation is expected to "slow dramatically" across the country over the next three years. The expected house price inflation nationally is now 5pc for the coming year - down from 8pc since the final quarter of 2017.

Over the next three years property price inflation is expected to be at 8pc nationally, down from a previous forecast of 14pc, according to the latest property price survey from the Central Bank and the Society of Chartered Surveyors Ireland (SCSI).

Irish View Full Article

Regulator poised to put a brake on lenders

Irish banks are set to be forced to hold more capital to cope with a future economic downturn, according to a source.

The Central Bank is leaning toward increasing the so-called counter cyclical capital buffer from 0pc in coming months, according to the person, who asked not to be identified as the information is not yet public.

Irish Independent View Full Article

ECB interest rates to remain at present levels at least 'through the summer of 2019'

The European Central Bank said it will end its unprecedented bond purchase scheme by the close of the year.

Signalling that the move would not mean rapid policy tightening in the coming months, the bank also said that interest rates would stay at record lows at least through the summer of 2019, suggesting protracted support for the economy, even if at a lower level.

Irish Independent View Full Article

Irish house prices increase at fastest pace in three years but activity and lending still below 'normal'

13% increase in year to April fastest since May 2015

No sign of flagging momentum in broadly based increase Inadequate supply and pent-up demand sustain upward pressure on property prices

Linkedin View Full Article

House sales now taking 200 days to complete

Busy house-hunters are being warned it now takes up to 200 days to complete a sale because of issues with contracts.

Estate agents are now calling for the sales process to be overhauled to allow for speedier sales and greater efficiency and transparency for vendors and those looking to buy a home.

Irish Independent View Full Article

Central Bank stance on interest-only BTL mortgages 'worrying development'

The Central Bank said lenders offering interest-only buy-to-let mortgages are responsible for assessing the borrower’s ability to repay the entire capital of the loan.

Fianna Fáil’s Finance Spokesperson Michael McGrath has said it is a "worrying development" that the Central Bank says a lender should assess a borrower’s ability to repay the capital at the end of an interest-period on a buy-to-let mortgage, and the system is "simply not workable".

RTE News View Full Article

Tight credit rules are secret to curbing house price rises

We do like to think of ourselves as something special: even if we are not always as special as we think we are.

We do like to think of ourselves as something special: even if we are not always as special as we think we are.

Irish Independant View Full Article

New ECB structures to squeeze bank margins

Borrowing costs are set to rise for AIB, Bank of Ireland and Permanent TSB, Investec analyst Owen Callan has said in a research note.

All three banks have had to established new group holding companies to meet European Central Bank (ECB) rules aimed at ring-fencing the risky part of banks from ordinary savings.

Irish Independant View Full Article

Just 224 get affordable loan go-ahead

More than half of the applicants to a State affordable mortgage scheme have been turned down.

Just 224 house-hunters have been approved in the first three months of the Rebuilding Ireland mortgage scheme.

Irish Independant View Full Article

Now it's seen as cheaper to buy than rent everywhere

Most people now think buying a home is cheaper than renting, not only in Dublin but across the country, according to research from Bank of Ireland.

A survey this month for the bank's Economic Pulse - research that tracks sentiment - found that 70pc of those who responded think it is cheaper to purchase a property in their area than it is to rent.

Irish Independant View Full Article

Time to make sure the Help to Buy scheme does what it says on the tin

You've heard the expression that help is given to those who help themselves.

Not so with the Help to Buy (HTB) scheme. Sometimes you can help yourself 'out' of the relief. A recent decision of the Tax Appeals Commission demonstrated that. So it's time to look again at this law, particularly given the housing crisis.

Irish Independant View Full Article

Eager to buy? Join the queue for another four years

THE scenes of people camping out in the rain this week, for a chance to put a deposit down on a new house, were an ugly reminder of the property boom years.

Around 20 people queued to buy houses in a development in west Dublin several days before they were due to go on sale.

Irish Independant View Full Article

Property prices rise by more than €100,000 in a year amid fear of Celtic Tiger-level hikes

AVERAGE house prices in some parts of the country have risen by more than €100,000 over the last year as the crisis shows no sign of easing.

Data from the Central Statistics Office (CSO) shows in eight Dublin postcodes, three in Cork and in towns across 12 other counties, the average price paid for a new or second-hand home increased by more than €100,000 since January 2017.

Irish Independant View Full Article

Known unknowns: how many houses are we really building?

antillon: We need an accurate measure of housing output if we are to address crisis

Ten years on from the crash and we still don’t have an accurate measure of housing output.

Irish Times View Full Article

Average house prices jump almost €17,000 in just one month

Property price rises show no sign of easing.

Prices jumped by 13pc in the year to February, the latest figures from the Central Statistics Office show.

Irish Independant View Full Article

Ulster Bank kicks off new mortgage war with string of cuts to fixed rates

Ulster Bank has kicked off a new round of mortgage wars with a string of cuts to its fixed mortgage rates.

The leading lender has ramped up pressure on its rivals by reducing its five-year fixed rates and by making it easier to qualify for its market-leading, four-year rate of 2.6p

Irish Independant View Full Article

Construction sector continues strong start to the year

Ulster Bank’s latest barometer of activity shows strong pick-up in job creation

The Irish construction sector’s strong start to the year continues, with the latest Ulster Bank construction purchasing managers’ index (PMI) showing a sharp increase in activity and new orders, and a faster pace of job creation.

Irish Times View Full Article

Homes of nearly 8,200 Irish mortgage holders repossessed since crash

Central Bank governor reveals extent of house repossession in Ireland since crisis

Nearly 8,200 Irish mortgage holders have had their homes repossessed since the crash, the governor of the Central Bank has revealed.

Irish Times View Full Article

Cardinal plans second €300m property finance fund

Investment firm has committed almost all of a previous pot a year ahead of schedule

Cardinal Capital Group is planning a second €300 million property development fund, after committing almost all of a previous pot a year ahead of schedule in a recovering market, according to market sources.

Irish Times View Full Article

60,000 more to pay local property tax bills

But those paying already will escape major hikes in overhaul

Housing Minister Eoghan Murphy intends to prevent massive property tax increases for the majority of households by adding tens of thousands of new homeowners to the scheme, the Sunday Independent can reveal.

Irish Independant View Full Article

Bank of Ireland pays just 0.625pc to borrow for mortgage deals

Bank of Ireland charges customers 3-4.5pc on mortgages

Bank of Ireland has tapped high levels of investor demand to issue a €750m covered bond backed by Irish residential mortgages in a deal that underscores the yawning gap between the rate it pays to borrow in international capital markets and what the bank charges customers.

Irish Independant View Full Article

Economic Pulse

With consumer confidence at a high level and business sentiment up for a second month running, the Economic Pulse posted its highest reading in 20 months in February

The Bank of Ireland Economic Pulse came in at 95.2 in February 2018. The index, which combines the results of the Consumer and Business Pulses, was up 2.4 on January and 2.7 on a year ago.

Bank of Ireland View Full Article

New rise in those seeking mortgage approval

The move by the Central Bank to tighten lending rules at the start of this year has failed to dampen the mortgage market.

New figures show a bounce in the number of first-time buyers seeking mortgage approval. Some 1,500 new buyers sought the go-ahead to take out a home loan last month, up 100 on the previous month.

Irish Independant View Full Article

Soaring rents see 75 first-time buyers get mortgage approval daily in January

Numbers approved up by 12% on year as buyers seek a rung on property ladder

Mortgage approvals rose by 12 per cent in January, as rising rents saw a surge in first-time buyers looking to get a rung on the property ladder. However, the data also shows a slowdown from the growth rate highs of last May/June.

Irish Times View Full Article

GDPR: Five key changes to look out for from right of access to right to be forgotten

Sharon O’Reilly, IT Governance Europe will be a speaker at Ireland’s GDPR conference Dublin Data Sec 2018.

The second annual data protection conference Dublin Data Sec 2018, with keynote speaker the Data Protection Commissioner (DPC) for Ireland Helen Dixon will take place on Monday April 9th in the RDS Concert Hall.

Irish Independant View Full Article

Credit unions 'failing to carry out proper checks when issuing mortgages'

Concerns have been expressed about how credit unions go about issuing mortgages following a probe by the Central Bank.

The investigation found that some credit unions did not properly check out if members were able to service home loans, and there was a lack of supporting documentation in some cases.

Irish Independant View Full Article

Number of mortgages drawn down in 2017 up 18%

The new BPFI figures reveal that a total of 34,798 mortgages were issued last year, up 18% on 2016.

New figures from the Banking and Payments Federation Ireland show that total mortgage lending for 2017 rose to to €7.286 billion, an increase of 28.8% on the previous year.

RTE News View Full Article

Government to fund low-interest mortgage scheme

State will offer home loans to certain people refused finance by the banks

The Government has unveiled a new scheme of local authority mortgages that will be available from next week.

Irish Times View Full Article

Income limits, maximum prices and interest rates; all you need to know about the new council mortgage scheme

Today the Government will unveil plans to enable local authority’s to provide mortgages to first-time buyers, but just who is entitled to apply and how much will be available?

First-time buyers that have had two insufficient offers or refusals for a mortgage from two lending institutions can apply for the loan.

Irish Independent View Full Article

€200 million first-time buyers' scheme called 'subprime lending'

A GOVERNMENT SCHEME that will supply first-time buyers will have a “modest” impact on house prices, but has been dubbed “subprime lending” by others

The plan announced yesterday allows 1,000 prospective homeowners who don’t qualify for social housing buy a house with a government-backed mortgage.

The Journal View Full Article

Why are landlords leaving the market in large numbers?

‘I am crucified to the point that I am considering selling up’: Landlords on why despite soaring rents it can be hard to make the sums stack up with a mortgage

It’s a curious set of circumstances. Rents in the capital have never been higher. Mortgage finance, at least for those who went with a tracker during the boom, is at rock-bottom levels.

Irish Times View Full Article

Banks now have to allow access to customers' account details

A RADICAL shake-up will mean banks will no longer have a monopoly on customer account information.

The overhaul of banking comes on foot of a European Union directive and takes effect from tomorrow.

Irish Independent View Full Article

Mortgage debt 'threatens to absorb everything young do in their lives' - Martin

Young couples are taking on debt that "threatens to absorb everything they do in their lives" because affordable homes no longer exist in Dublin

He has also warned that Ireland's ability to attract foreign investment will be hampered by the lack of housing unless the Government gets on top of the problem.

Irish Independent View Full Article

The ‘squeeze is getting squeezier’ for house buyers

The Central Bank’s lending rules will be crucial to avoiding a repeat of old mistakes.

New year, same old story. The latest predictions are for the housing squeeze to intensify during 2018, with prices rising further, well ahead of likely increases in income.

Irish Times View Full Article

Have we missed our chance to fix the housing crisis?

It seems it’s a case of “damned if we do and damned if we don’t” when it comes to fixing the crisis in the housing market.

Estate agent Savills published a comprehensive overview of the rental market, on Monday, revealing how the vacancy rate in the capital is “razor thin” at a little more than 1 per cent. According to Daft.ie, Blanchardstown – an area with a population of some 75,000 people – currently has just 13 properties for rent, and three of these are short-term lets only. Dublin city as a whole has fewer than 1,400 properties to let.

Irish Times View Full Article

Revealed: Crash hurt mortgage holders far more than previously thought

New research from the Central Bank lays bare the true impact of the crash on homeowners.

It shows far more mortgage holders have had to get a deal from their lender to lower their repayments than previously realised.

Irish Independent View Full Article

'Rental squeeze' leaves more people living in each home as pressure grows

THE effects of the rental squeeze are laid bare in a new report showing that a record number of people are now tenants, with more squeezing into each housing unit than ever before.

The latest report from Savills Ireland shows how the housing crisis is having an impact on our everyday lives, with a quarter of people in Dublin now renting their homes.

Irish Independent View Full Article

Central Bank fines financial advisers for lack of professional insurance

The Central Bank has fined four financial advisors for failing to hold adequate professional insurance

It marks the first time that the regulator has entered into a settlement agreement with retail intermediaries for a breach of prudential requirements.

Irish Times View Full Article

'There's no evidence of a banking cartel in Ireland', says watchdog

NO HARD EVIDENCE has been produced that Ireland’s banks acted as a cartel despite their systematic overcharging of tracker mortgage customers, according to the head of Ireland’s competition watchdog.

However Isolde Goggin, the chair of the Competition and Consumer Protection Commission (CCPC), said she has not ruled out the possibility and is urging any potential whistleblowers to come forward.

The Journal View Full Article

How Irish households are most at risk in Europe from ECB rate hike

Irish householders and firms are most at risk of a looming interest rate hike by the European Central Bank compared to any other country in the EU, a leading Government think tank has warned.

The Economic and Social Research Institute (ESRI) warned that a so-called normalisation of monetary policy in the Eurozone - by unwinding policies designed to deal with the economic crisis - could have a greater impact on Ireland's economy than any other member.

Irish Independent View Full Article

Ban on commission for independent financial advisors

Minister for Finance Paschal Donohoe is moving to ban independent financial advisors from receiving commissions, according to reports.

Last month, the Central Bank issued a report recommending that the advisors should not be allowed accept commission or when they are paid they should be subject to restrictions.

RTE View Full Article

Dublin property prices soar over 85% since crash

Latest CSO figures show that property values advanced by 12.1% in the year to October

Property price growth moderated slightly in October, advancing by 12.1 per cent in the year, compared with growth of 12.2 per cent in the year to September. Continued growth means that Dublin prices have now risen by 86 per cent since the crash, and are just 22 per cent off the peak.

Irish Times View Full Article

Deposits at risk as developers drop protective clause

Non-conditional contracts mean buyers risk losing money if the sale doesn’t go ahead

Buyers in new developments across the Republic could be risking their deposits by purchasing property without a protective clause in place should their loan approvals fail.

Irish Times View Full Article

Time will tell if Central Bank right not to ban broker commissions

The Central Bank has decided not to take the nuclear option....

.....when it comes to how much commission investment brokers selling various products receive from the banks, insurance companies or investment firms behind the products.

Irish Independent View Full Article

Almost 500 first-time buyers get mortgage approval every week

Almost 500 first-time buyers are getting approval every week to take out a mortgage.

And the overall number of property buyers being approved for a mortgage has shot up in the first 10 months of the year.

Irish Independent View Full Article




Irish Independent View Full Article

Activate lending breaks €300m as housebuilding booms

Activate, the private equity and State-backed specialist financier, has ramped up its lending volumes to residential property developers over the past year as housing construction sputters back to life.

Latest accounts for the non-bank lender, which commenced operations at the beginning of 2016 after securing funds from the nation's sovereign wealth fund, ISIF, and the global buy-out giant KKR, show total commitments to borrowers stood at €86.3m at the end of December.

Irish Independent View Full Article




Irish Independent View Full Article

13,300 new homes contribute to 44pc rise in new-builds

Work has started on more than 13,300 new homes this year, a 44pc rise over the same period of 2016.

New figures from the Department of Housing showed that work started on 13,329 houses and apartments between January and September, of which 3,746 are one-off units. The remaining 9,583 are either apartments or homes in housing developments, which will be sold on the open market.

Irish Independent View Full Article




Irish Independent View Full Article

KBC to enter 'micro' business bank market

KBC Ireland is planning to re-enter the business banking market for the first time since the crash, with products, including business loans, aimed at self-employed professionals.

The bank yesterday said it had set aside €54.4m to deal with the ongoing tracker mortgage scandal as it reported a fall in profits for the three months to the end of September.

Irish Independent View Full Article

Now there are two buyers for every property on sale

Thousands lining up to buy homes as demand keeps prices increasing

Thousands of people are lining up to buy properties as demand for homes is expected to keep prices rising.

Irish Independent View Full Article




Irish Independent View Full Article

How many new homes are sold each month - and where the hotspots are

Just 450 new homes sold each month

Lack of supply fuels price hikes

Irish Independent View Full Article

No bubble in Irish property market, ESRI study finds

Think-tank says houses more affordable here than in many developed countries in OECD

A lack of evidence of a bubble in house prices has been described as “somewhat reassuring” by the Economic and Social Research Institute.

Irish Times View Full Article

House prices to rise 20% over the next three years, ESRI says

House prices to rise 20% over the next three years, ESRI says Think tank says the figure could be even higher if housing supply issues are not addressed

Share to Facebook Share to Twitter Share to Email App Share to LinkedIn The cost of buying a home will rise by at least 20 per cent over the next three years, according to the Economic and Social Research Institute (ESRI), which said price growth at such a rate would not mean another property bubble was inflating.

Irish Times View Full Article




Irish Independent View Full Article

More difficult to buy a home now than in the 1980s

With rents above boom-time levels, and prices quickly playing catch-up, housing affordability has become a real issue over recent years.

But is it more difficult for a young couple today to buy a home, compared with their parents' generation? A useful paper from the Nevin Economic Research Institute (NERI) suggests it is.

Irish Independent View Full Article

BoI moves to lower fixed-rate interest on mortgages

Bank of Ireland has lowered its mortgage rates again as the price war among the banks escalates.

The cuts to the lender's fixed-rate mortgages come after the European Central Bank signalled it would not push up interest rates until 2019 at the earliest.

Irish Independent View Full Article

Christmas – and a CGT exemption – comes early for investors

Christmas is set to come early for canny property investors on the back of a measure in Tuesday’s budget which has brought forward the date property investors can exercise a capital gains tax exemption.

It’s a measure that may not have received too much hoopla, but may yet have a significant impact both on supply of property and on the pockets of bust-era investors.

Irish Times View Full Article

Government won’t step back from bogus housing numbers

For nine months now we’ve known that the Government’s housebuilding numbers are bogus and bear little relationship to the number of new homes actually being built.

And yet they’re still being used by the Central Statistics Office to generate national income numbers; by the Central Bank to forecast economic growth.

Irish Independant View Full Article

People with tracker mortgages vulnerable to rises in interest rates despite low cost loan

People with tracker mortgages are highly vulnerable to rises in interest rates despite having a low-cost loan.

This is because those under the age of 44 borrowed heavily during housing boom, loading up on debt.

Irish Independant View Full Article

Fintan O’Toole: We have returned to 1913 conditions - families living in a single room

The headline says: "Government rejects Commission of Inquiry over Irish housing."

The subhead adds: “Widespread criticism over failure to deal with housing crisis.” It’s not from last week. It’s from RTÉ’s Century Ireland website and the date is November 5th, 1913.

Irish Times View Full Article

Property prices on track to surpass Celtic Tiger highs by 2020

Price rises outside Dublin to lag capital by a year, new study by Savills predicts

They said it wouldn’t happen again, but if house prices continue to rise at the current pace, peak prices will return in the Dublin area by February 2020, and across the country by March 2021, new research shows.

Irish Times View Full Article

Who are the cash buyers and how come there’s so many of them?

Central Bank chief Philip Lane says cash buyers limit ability to control house prices

They’ve been singled out as playing havoc with the Central Bank’s efforts to put some manners on the housing market.

Irish Times View Full Article

Mortgage wars: Rival banks expected to reduce rates in response to AIB cuts

Mortgage lenders will now have to cut their rates in response to AIB reducing its variable, fixed and loan-to-value rates, experts said.

Stockbroking analysts said AIB has now put huge pressure on Bank of Ireland and Permanent TSB, in particular.

Irish Independant View Full Article

Fixed rate mortgages soar at Bank of Ireland

Bank of Ireland's head of retail Liam McLoughlin has told the Oireachtas Finance committee its fixed rate mortgage product accounts for 88pc of new lending volumes.

Underscoring the lenders efforts over the past two years to persuade consumers to steer clear of the standard variable rate.

Irish Independant View Full Article

EY to advise PTSB on strategy for selling bad loans

Bank under pressure to deal decisively with its €2.68bn of worst-performing mortgages.

Share to Facebook Share to Twitter Share to Email App Share to LinkedIn Permanent TSB has selected accountancy and consultancy firm EY in Dublin to advise on loan sales as the lender prepares to move decisively on its €2.68 billion of worst-performing mortgages.

Irish Times View Full Article

Bid deadline looms for Danske Bank's €2bn loan book sale

US funds management giant Pimco and Bank of Ireland are among four remaining suitors vying for Danske Bank's €2bn retail book as the race for the high-quality, performing loans nears a close.

The Irish Independent understands final bids are due at midday on September 25.

Irish Independant View Full Article

Customers to save hundreds as AIB cuts variable mortgage rate

AIB has announced a 0.25pc reduction in its standard variable rate (SVR) on mortgages, the fifth rate reduction for existing customers in three years.

The banks variable rate will reduce to 3.15pc, which is the lowest variable rate on the Irish market.

Irish Independant View Full Article

Lenders should inform consumers about cheaper mortgage options; Central Bank

Lenders should be required to inform consumers about other available mortgage options that could save them money, the Central Bank says.

The regulator has published a consultation paper on measures to aid mortgage switching.

RTE News View Full Article

Central Bank proposes laws to help mortgage switching

Banks may have to inform consumers of other mortgage options that could save them money

The Central Bank has proposed the introduction of statutory requirements to support consumers considering switching their mortgage.

Irish Times View Full Article

Gap emerges between numbers approved for mortgage and those drawing one down

A BIG gap has opened up between the numbers getting approved to take out a mortgage and the numbers who end up drawing one down.

Experts said this reflects the chronic shortage of properties for sale.

Irish Independent View Full Article

AIB to publish plan to tackle housing crisis within weeks

Chairman says bank out to make 'serious contribution' to solving supply problems

AIB chairman Richard Pym has said the bank intends to publish proposals in the autumn to assist with the delivery of new housing. Pym revealed the AIB's intention to make what he described as a "serious contribution" to efforts to address the housing crisis in the course of an address to the MacGill summer school, which took place in Donegal recently.

Irish Independent View Full Article

Richard Curran: Masding says shame on Ireland for suggesting PTSB is 'crap'

You have to hand it to Permanent TSB chief executive Jeremy Masding. Last week he came out and gave the most frank interview from an Irish bank executive in a very long time.

Yes, the same government that controls 75pc of the stock in the bank that Jeremy has been running since 2012. Perhaps that is what made it so honest, or maybe that is what made it so entertaining.

Irish Independent View Full Article

Ireland to outstrip Europe for house price growth - S&P

House price growth in Ireland is set to outstrip the rest of Europe this year.

Price rises will be driven by ongoing supply shortages and Brexit-related demand, according to international ratings agency S&P.

Irish Independent View Full Article

Big jump in number of people seeking deals on debt

THERE has been a surge in the number of heavily indebted people applying for an official debt deal.

There were 1,259 new applications in the second quarter of this year for arrangements, according to the Insolvency Service.

Irish Independent View Full Article

Court rejects PTSB investor group’s 2011 bailout challenge

PTSB cost State €2.7bn to rescue, excluding the €1.3bn it received from sale of group’s Irish Life division

The High Court has ruled against a group of small investors in Permanent TSB, who had challenged the State’s move in 2011 to inject money into and seize control of the then-ailing lender.

Irish Times View Full Article

Dublin City Council goes populist with internet poll on property tax

It’s hardly what the Government would have sought. Just as preparations are ramping up on the shape of the first budget of Leo Varadkar’s government in October, along comes another local authority playing the populist card.

Dublin City Council has taken to the internet to ask people if they want to see a reduction in their local property tax this year.

Irish Times View Full Article

Could the ending of mortgage arrears trigger tsunami of new renters?

Expert warns of spike in rents and homelessness if banks move on distressed loans

In 2013, Ireland was bracing itself for a tsunami of house repossessions. The number of homeowners in mortgage arrears of 90 days or more had spiked by nearly 300 per cent to 129,000 in less than four years.

Irish Times View Full Article

Regulatory role split in Central Bank move.

The Central Bank has made two leadership appointments to its restructured financial regulation division.

Ed Sibley has been appointed deputy governor, prudential regulation, complementing fellow deputy governor Sharon Donnery. Meanwhile, Derville Rowland, pictured, has been made director general, financial conduct.

Irish Independent View Full Article

House prices increase by €19,000 in a year.

Housebuyers are paying an extra €19,000 for their homes compared with a year ago - effectively wiping out any gain from the Government's first-time buyers' grant.

The average price paid for a house or apartment now stands at €256,193, according to the Property Price Register (PPR), which is up 8pc - or €18,954 - in 12 months.

Irish Independent View Full Article

We need the Help to Buy scheme.

It boosts supply and helps first-time buyers purchase new homes.

IN RECENT MONTHS, many commentators have blamed the Help to Buy scheme for increases in house prices. This is an assertion that a number of leading economists now dispute.

The Journal.IE View Full Article

First-time buyers are driving surge in mortgage approvals

The number of people approved for a mortgage surged by a third last month, driven largely by first-time buyers.

And potential buyers are getting approved for higher amounts of borrowings, according to the figures from the Banking and Payments Federation.

Irish Independent View Full Article

Property prices now rising at a rate of €2,000 every month

House prices are shooting up by €2,000 a month and are now almost 12pc higher than they were a year ago.

Property price rises in Dublin are back outpacing the rest of the country, according to the latest report from property website Daft.ie, and it warned that prices will continue to rise for the next five to 10 years unless drastic action is taken.

Irish Independent View Full Article

Surge in mortgage approvals looks set to fuel house price increases.

The number of people approved for a mortgage surged by a third last month, driven largely by first-time buyers.

And potential buyers are getting approved for higher amounts of borrowings, according to the figures from the Banking and Payments Federation.

Irish Independent View Full Article

Ireland's 'generation X' are struggling more than their parents

New survey finds that a third of people aged 35-54 are struggling financially

They bought properties at the height of the boom which plunged many into negative equity, experienced consecutive pay cuts and austerity measures, and are faced with the double whammy of paying off hefty mortgages while also shouldering the significant cost of childcare bills.

Irish Times View Full Article

Work has yet to start on 23,000 homes in capital which have permission

Construction work has yet to begin on some 23,000 homes in the capital despite full planning permission being in place.

Figures from the Department of Housing show that despite the shortage of new homes coming on to the market, there is no activity on 203 sites from a total of 348 where permission for new homes has been secured.

Irish Independent View Full Article

Rush for mortgages is pushing up prices faster than in boom

Mortgages are squeezing out cash buyers in large numbers for the first time since the downturn, helping drive house price rises to boom-time levels across swathes of the country.

Property prices in at least eight counties are now rising faster than during the boom years, as competition for homes continues to heat up.

Irish Independent View Full Article

Relaxing deposit rules just not an option, even if it means families must save up €83,000

We threw it away. Measures introduced two-and-a-half years ago by the Central Bank to curb runaway property inflation were only ever a temporary stop-gap.

The aim was to control prices to buy time to enable the State to fast-track housing development in a market which is now seeing the worst supply levels in a lifetime. It was plenty of time.

Irish Independent View Full Article

More bad news for house-hunters as property prices set to soar in July thanks to 'interference'.

Minister warned €350,000 homes will rise by €5,000 because of doomed help-to-buy scheme

Housing Minister Eoghan Murphy has been warned that further interference in the property market and prematurely ending the help-to-buy scheme will inflate property prices and demand for housing.

Irish Independent View Full Article

Nama to give incentives to indebted developers to stay in business

Developers are to be given new incentives by bad bank agency Nama to encourage them to stay in business and continue building houses.

The incentives, agreed by the National Asset Management Agency (Nama) with indebted developers, will give them a share of profits, and will see guarantees given by them on their family homes dropped.

Irish Times View Full Article

Interest rates set to remain stable

Developers are to be given new incentives by bad bank agency Nama to encourage them to stay in business and continue building houses.

The incentives, agreed by the National Asset Management Agency (Nama) with indebted developers, will give them a share of profits, and will see guarantees given by them on their family homes dropped.

Irish Independent View Full Article

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