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More Warning Of The Irish Market

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http://www.timesonline.co.uk/newspaper/0,,...2078971,00.html

Are the first clouds showing over Ireland’s property boom? Following on from the latest spate of interest rate rises comes a prediction from CB Richard Ellis Gunne that builders are set to scale back construction of homes by more than 10,000 units…

Parts of the market are now showing signs of saturation, particularly in the regional towns where apartments are proving more difficult to sell. And developers in Dublin’s docklands are already moving towards larger apartments in an effort to entice family buyers,” says Hunt...

Ireland is building 17 new homes per 1,000 people each year, which is four times the European Union average…

Investors still spending in Ireland are relying solely on capital value increases to earn their crust, with the recent Daft.ie rental report showing that in Dublin, three-bed homes in the city centre are the only ones capable of paying their mortgage with rental income.

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http://www.thepost.ie/post/pages/p/story.a...2504-qqqx=1.asp

The sensitivity of Irish mortgage holders to rising interest rates will be far greater than for many other EU citizens because the vast majority of Irish borrowers - about 75 per cent - have variable mortgage rates, while the majority of continental borrowers - especially in France and Germany - have long-term fixed rate mortgages at rates that are far lower than the fixed-rate mortgages available here. In other eurozone countries, mortgages may be at variable rates, but they are capped.
That means that most Irish mortgage holders will feel the pain of each interest rate hike keenly, while their continental cousins can sit back and relax, as interest rate hikes there don’t really affect existing mortgage holders.

Oh-oh :o

Time to sell speculative property in Ireland---quick.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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