Construction Industry Federation Calls for Stamp Duty Reforms

Posted on November 30th, 2007 in Property by someone

The Construction Industry Federation (CIF) has reiterated its call for a radical review of stamp duty to bring stability to the housing market and facilitate the retention of investment in the Irish economy. In particular, the CIF has reemphasised the need to reduce the top rate of stamp duty on commercial land transactions and residential transactions from 9% to 5%.

Less that half of Irish households will qualify for a mortgage

Posted on November 19th, 2007 in Uncategorized by someone

Only 40% eligible for mortgage, says Central Bank

Recent higher interest rates mean that only the top 40 per cent of households ranked by income would be eligible for a mortgage, according to a Central Bank report released today.

The report shows that last year the equivalent percentage would have been 50 per cent.

The criteria for eligibility was that the repayments on an average new home would only consume 40 per cent or less of household income.

Stong results for IL&P despite 19% drop in new mortgages

Posted on August 29th, 2007 in Personal Banking, Mortgages by someone

Despite a drop in New Mortgage Lending of 19% from this time last year, After Tax Profits at Irish Life and Permanent Group were up a massive 43% to €289m.
This rise was secured on the back of strong performances in both the life & pensions business and in the banking business of permanent tsb bank.

61% of females worry regularly about money

Posted on July 25th, 2007 in Mortgages by someone

The study has shown that our SSIA born saving culture has impacted significantly on the youth, with just under 50% saving euro 200 or more each month. While this group still like the good things in life, holidays, nice cars or music essentials, 58% realise the need to save for what they want. And even though a lot of parents seem to feel it is part of their ‘job’to support grown up children into the future, 83% do not expect financial help from their parents.

AIB goes green….(ish)

Posted on July 25th, 2007 in Personal Banking by someone

Following last month’s launch of AIB’s “Green Line” - a package of initiatives aimed at incentivising and rewarding AIB customers who want to choose greener options for either their cars or homes - AIB has today announced that, for every customer who opts to receive their statements online using the new eStatement service on AIB Internet Banking, the bank will donate €5 to the AIB ‘Add More Green’ Fund.

Irish Life & Permanent said it expects €800m less in new mortgage lending

Posted on June 24th, 2007 in Property, Mortgages by someone

Irish banks slid sharply on the ISEQ today after Irish Life & Permanent said it expects €800m less in new mortgage lending this year, compared to 2006.

In a trading statement Irish Life & Permanent said it expected its Irish residential mortgage book to see growth of about 20% this year, with new lending of around €3.4 billion.

However, this is 19% less than last year’s total of €4.2 billion in new mortgage lending.

It said the slowdown in Irish mortgage lending growth will be offset by stronger consumer finance and commercial lending.

Irish Life & Permanent has raised its profit targets for this year, helped by particularly strong growth in its life and pensions business.

Rate increases reduce average borrowing capacity by €64,000

Posted on April 23rd, 2007 in Property, Mortgages by someone

It is estimated that every 0.25% increase reduces the average borrowers ability to borrow by 8,000, so 8 increases reduces borrowing capacity by 64,000. Is it any wonder then that house prices increases have come to a halt.
This article from FirstMortgage.ie has a good take on why Irish property prices are coming into land.

House prices grind to a halt…

Posted on April 2nd, 2007 in Property by someone

Sherry FitzGerald, Ireland’s largest estate agents announced today (Monday) that the average price of a second-hand property in Ireland eased back moderately by 1.1% during the first three months of 2007. However, if one excludes the Dublin market from the analysis the market show a very modest growth of 0.2% during the first quarter. This follows growth of 18.1% during the calendar year of 2006.
House prices eased further in the Dublin second hand market in the first quarter of the year with prices falling back by 2.3%. This follows very strong growth during 2006 when the market expanded in price terms by 22.2%.

Cork also saw a moderation of price growth in the first quarter with prices rising by 0.2%

3.75% - You’ve never had it so good……

Posted on March 9th, 2007 in Mortgages by someone

I find that google is going down hill in terms of its ability to return usefull results. In fact, these days I tend to use MSN more often. Anyway, Google suggested the following when searching for “Best Irish Mortgage Variable Rates”. It’s an article by by Kevin Mills in the Examiner from October 1998 and it’s a fantastic moral boosting read.
It was also ammusing to read the advise being delivered, leading me to conclude that I should always do exactly the opposite to what analysts and bankers suggest.

To avoid such fluctuations in the future, now may be a good time to lock into a fixed-rate mortgage, according to Jackie Gilroy, general manager EBS.

Here’s the articel in full.

Mortgage rates expected to drop to 5%

by Kevin Mills
MORTGAGE rates in Ireland will drop to 5% or less by the end of the year, giving a monthly saving of £54 on a £70,000 homeloan.
The lowest base variable rate in Ireland is currently 6·35% through EBS Building Society, which gives a cost per £1,000, over 20 years, of £7·37 and a monthly repayment rate on a £70,000 of £516.
With the introduction of the euro single currency on January 1, 1999 mortgage rates are expected to fall to 5%, reducing the cost per £1,000 with EBS to £6·60 per month or £462 a month on a £70,000 mortgage.

European Central Bank raises key interest rate to 3.75%

Posted on March 8th, 2007 in Mortgages by someone

The head of the European Central Bank has hinted at further increases in euro zone interest rates this year, after the bank raised its key rates to the highest level in five and a half years today.

The European Central Bank raised its main interest rate by a quarter of a percentage point to 3.75% after its meeting in Frankfurt today. The move was widely expected.

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