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
