Daft Property - Irish Property News

BANKS RISK making people homeless and adding further vacant houses to an already struggling property market if they raise mortgage interest rates too much, Minister of State for Housing Michael Finneran has warned. He has urged a new government to use its influence with the banks to ensure families do not lose their homes as a result of aggressive interest rate increases. “I am appealing to the banks . . . It would be a terrible, unfortunate thing that we have vacant properties all around this country and we created more vacant properties because people were not able to make repayments. That would be a scandal, and should not be allowed,” said Mr Finneran yesterday at the launch of a new service for homeless people. He said many families were now at the “pin of their collar” and there was a certain level at which they would not be able to make repayments on their homes. He said the number of family homes repossessed in the recession was still very low due to the leniency of the...

Shocking new probe shows 302,000 homes are left empty... More than 300,000 houses are lying empty around the country -- three times the official estimate, says a team of academics. The scale of vacant housing -- equivalent to half of all homes in Dublin -- could be enough to meet demand for years to come. The figure was worked out by the National Institute of Regional and Spatial Analysis (Nirsa), based at NUI Maynooth, which advises the Government. It is up to three times the estimate from Housing Minister Michael Finneran, who last week told the Cabinet there were between 100,000 and 140,000 houses lying empty. The construction industry suggested it was 40,000. NIRSA director Prof Rob Kitchin said he decided to calculate accurately the extent of empty housing because official figures do not exist -- only estimates. Along with colleagues, he used the GeoDirectory (Ireland's national address database), the 2006 Census and Department of Environment figures based on ESB connection p...

House buyers were given 100pc loans during crash... Irish banks agreed to provide 100pc mortgages to one-in-four young first-time buyers last year despite a collapse in the property market. Thousands entering the property market for the first time took out mortgages with loan-to-value ratios of over 95pc with up to 5,000 taking out the 100pc housing loan. The Department of the Environment's Housing Bulletin 2008 also revealed that the average age of those who successfully obtained a 100pc mortgage was 31 years. These loans were taken out for between 31 and 35 years, which would indicate that people would be paying back the cost of their home until they retire. Banning Earlier this year, the Financial Regulator said it was considering banning 100pc mortgages and restricting lenders offering homebuyers loans greater than three times their annual salaries. This followed the publication of a report by the British financial regulator which said there was a case for limiting the size of ...