House prices in the North have dropped by nearly 30% over the last year, according to a new quarterly survey.It confirmed 2008 was the worst year for the housing market since the start of the 1980s.
The figures were contained in the latest University of Ulster Quarterly house price index, produced in partnership with the Bank of Ireland and the Housing Executive.
The survey showed prices had fallen by just over 28% in 2008.
It also confirmed the continuing low volume of house sales, wit... read more »
The property website daft.ie has reported that rents fell by almost 12% in the past year.
The average rent nationally now stands at €885, down from €1,000 in the same period last year.
The report says 10,000 new properties come to the market every month, meaning that the total number of properties available to rent in the country at any one time is 20,000.
South County Dublin was the area most affected by falling rents, with an average 1% decline over last year to an average rent ... read more »
Former Anglo Irish Bank chairman Seán FitzPatrick was given tens of millions worth of sterling and dollar loans, it has emerged.
Irish Nationwide gave tens of millions worth of sterling and dollar loans to Mr FitzPatrick as part of his loan transfers between the two institutions to conceal up to €122 million in borrowings from Anglo Irish.
The Irish Times reports that Irish Nationwide provided Mr FitzPatrick with loans of $56 million and £14 million on 26 September, 2007.
The ... read more »
Bank of Ireland and AIB Group have agreed to delay issuing repossession orders on homes for 12 months as part of the Government recapitalisation plan.
The banks have told Government that delaying repossession proceedings for those in arrears on their mortgages for any longer would be viewed negatively by investors.
The issue of mortgage arrears has become more central in the €7bn recapitalisation talks because of rising unemployment levels.
Negotiations continue today and any final ... read more »
Fine Gael Leader Enda Kenny has said the pay and actions of top banking executives must be reviewed before the Government's finalises its €7bn recapitalisation plan for Bank of Ireland and AIB.
Speaking on RTÉ Radio's Morning, Mr Kenny said taxpayers' money should be carefully employed
Last night, Minister for Finance Brian Lenihan said there was much tougher talking to be done before the Government signs off on the plan.
He said the Government will call the shots and will have a sub... read more »
30
Jan
Houses prices in Ireland fell by 9.1% last year.
The House Price Index, published by the ESRI and Permanent TSB, indicates that the biggest prices drops were in commuter counties surrounding Dublin.
House prices were down 16.8% in these regions in 2008.
Permanent TSB says houses prices now are where they were in the middle of 2005 and it is thought houses prices in 2009 will fall by a further 10%.
It says the market will not recover until the economic situation in Ireland signif... read more »
The Central Bank says it expects the economy to contract by 4.7% this year, as Ireland continues to be impacted by global recession and falling demand.
In its latest economic forecast, the Central Bank says the contraction will lead to significant job losses with 100,000 fewer people working by the end of the year.
The bank says unpalatable short-term measures are needed if the economy is to stabilise in 2010.
In one of the most negative outlooks published so far, the bank says the co... read more »
The latest figures from the Central Bank show that weakness in residential mortgage lending persisted in November.The Central Bank says that mortgage lending rose by just €96m in November.
This compares with an average monthly increase of over €850m between January and September of this year.
It also compares with an average monthly increase of almost €2bn at the height of the housing boom in 2006.
The annual rate of increase in residential mortgages slowed to 6.7% last month from... read more »
The Government has announced support for a recapitalisation programme of up to €10 billion for credit institutions.
In a statement issued this evening, it said its objective was to ensure the long-term sustainability of the banking sector in Ireland.
The Government said it would support the programme alongside existing shareholders and private investors, and would underpin its contribution through the availability of credit to individuals and businesses in the real economy.
Afte... read more »
Figures from the Central Bank show a dramatic slump in the growth of residential mortgage lending in October.
The annual rate of growth in October fell to 7.6%, the lowest figure since 1986.
The Central Bank described the mortgage figure as 'exceptionally weak'.
The amount of money lent for mortgages rose by just €26m during October, compared with the average monthly increase of almost €2bn at the height of the housing boom in 2006.... read more »
