subby Posted November 22, 2011 Share Posted November 22, 2011 Yet if you read the U.tv article it's over, crash is "less worse then it was last month" and sales have risen!!! ....glad that's out now everyone can sleep better as your "luxury apartment" will be worth more in the morning!!! Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 23, 2011 Share Posted November 23, 2011 100% loss for Bank bondholders fear http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/100-loss-for-bank-bondholders-fear-16081488.html Losses of up to 100% could be imposed on some subordinated bondholders in Bank of Ireland. The Department of Finance said the bailed-out lender still needs to raise 350 million euro by the end of this year to meet the financial target of 4.2 billion euro set by the Central Bank. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 23, 2011 Share Posted November 23, 2011 Ireland demands debt relief, warns on EU treaties Europe's plans for treaty changes to enforce fiscal discipline in the eurozone may fall foul of popular anger in Ireland unless the EU creditor states agreee to share more of the pain. http://www.telegraph.co.uk/finance/financialcrisis/8911146/Ireland-demands-debt-relief-warns-on-EU-treaties.html Mr Noonan said Ireland's public mood has turned very sour. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted November 23, 2011 Share Posted November 23, 2011 Ireland demands debt relief, warns on EU treaties Europe's plans for treaty changes to enforce fiscal discipline in the eurozone may fall foul of popular anger in Ireland unless the EU creditor states agreee to share more of the pain. http://www.telegraph...U-treaties.html Mr Noonan said Ireland's public mood has turned very sour. Really? 16% of the electorate voted for that dickhead off Dragon's Den. Let 'em suck lemons until they puke. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 25, 2011 Share Posted November 25, 2011 Could the Irish Republic's bailout blues be lifting? http://www.bbc.co.uk/news/business-15883772 Ghost estates But while the offices and apartments of central Dublin are gradually recovering their lustre, huge parts of the housing market are still stuck in reverse. On a housing estate north of the capital, the problems facing the property industry are plain to see. House prices on the Castlemoyne estate have fallen by more than a half In 2005, the Castlemoyne development was marketed as a state-of-the-art and spacious family-friendly estate, especially convenient for Dublin workers. Walking through the estate in the cold reality of the post-boom Irish Republic, it becomes clear why house prices have fallen more than 50% - and are still in decline. The homes look perfect from the outside, with neat hedges and perfectly trimmed lawns, but very few of them have ever been lived in and the prices have almost halved. While parts of Irish industry are beginning to revive, the weight of toxic property debt is still acting as a dead weight on the country's banks, meaning that mortgage lending has almost ground to a halt. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 25, 2011 Share Posted November 25, 2011 State paid €1.8m for three-acre site in 2009 . . . now it's worth €40,000 http://www.independent.ie/national-news/state-paid-euro18m-for-threeacre-site-in-2009-now-its-worth-euro40000-2945819.html Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 25, 2011 Share Posted November 25, 2011 Talking Property http://www.irishtimes.com/newspaper/property/2011/1124/1224308046175.html But at least our banks are no longer even bothering to lie to us any more, about the extent of their lending. In fact, this week the IBF (Irish Banking Federation) came straight out with it and told us that mortgage-lending figures have halved since last year and are now down by 94 per cent since the peak in 2005. And, in the event that we didn’t quite grasp the significance of that 94 per cent figure, it was clarified, that the last time the number of mortgages issued in one year was this low, was 40 years ago, in 1971. Quote Link to comment Share on other sites More sharing options...
iBought Posted November 25, 2011 Share Posted November 25, 2011 State paid €1.8m for three-acre site in 2009 . . . now it's worth €40,000 http://www.independent.ie/national-news/state-paid-euro18m-for-threeacre-site-in-2009-now-its-worth-euro40000-2945819.html Not sure what is better. The drop in the value of the site, or the fact anybody though it a good idea to spend this type of money to acquire a site for a new headquarters for the Health and Safety Authority. If it had at least been with the intention of putting the site to productive enterprise I could have some sympathy. Still somebody did very nicely for themselves out of that sale... Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 26, 2011 Share Posted November 26, 2011 I never see The News Letter here yet it is your best friend. HP articles Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 26, 2011 Share Posted November 26, 2011 (edited) I never see The News Letter here yet it is your best friend. HP articles NI rather than ROI (see below link), but yes sometimes gets overlooked. And yes, best reporting of the lot so far. Will keep a closer eye from now on and grateful for any signposting should you get advance notice http://www.housepricecrash.co.uk/forum/index.php?showtopic=105924&st=2895 Edited November 26, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 26, 2011 Share Posted November 26, 2011 Unearned income. Landlords could be facing new levy http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/landlords-could-be-facing-new-levy-16082610.html Ministers have attended three Cabinet meetings this week to discuss the Budget, which Taoiseach Enda Kenny has described as an enormous challenge. "The choices are unpalatable in a whole range of areas," he said. In an address to the Cork Society of Chartered Accountants Ireland, Ms Burton revealed that rental profits and dividends were being considered for additional tax under PRSI. The minister is looking to fill a 1.9 billion euro gap in the social insurance fund, used to pay some workers' illness or disability cover, and jobseekers' allowance. She said: "I can plug this hole either by increasing rates of PRSI, reducing benefits or reforming the system. My preference is to reform the system. One measure I am considering is widening the net to make certain types of unearned income such as rent profits and dividends liable to PRSI." Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 1, 2011 Share Posted December 1, 2011 (edited) The terrible toll of recession: 47,000 Irish firms closed http://www.independent.ie/business/irish/the-terrible-toll-of-recession-47000-irish-firms-closed-2951088.html FIVE companies went to the wall every day in Ireland in 2011, shocking new figures showed today. In the first 11 months of this year, over 1,800 companies closed, leaving behind €1.15bn in debts, business intelligence analyst Vision-net revealed. Over 29,000 SME loans with AIB in trouble http://www.independent.ie/business/irish/over-29000-sme-loans-with-aib-in-trouble-2950927.html The number of these businesses that are finding the going increasingly tough has risen rapidly in the past six months. Such is the scale of this rise that the state-owned bank has been forced to draft in another 200 staff to deal with these customers, bringing the total number of staff working at its specialised lending units to 800. AIB and the EBS building society, which is being merged with it, are also dealing with growing numbers of mortgage holders who cannot make their monthly repayments. The bank said yesterday that it was dealing with 12,000 mortgage customers who were in arrears and that those who were getting into difficulty paying their mortgages had increased in the past three months. It will be making bigger provisions in its accounts to cope with larger bad debts following the continued surge in customers who cannot pay the bank what they owe. AIB said a higher bad debt provision this year should help to reduce this charge in 2012. The bank is seeing only "muted" demand from customers for new loans, it said. Putting extra resources into working with the rising number of customers in difficulty has raised costs Edited December 1, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 1, 2011 Share Posted December 1, 2011 'There's money around but only if the price is low enough' http://www.independent.ie/national-news/theres-money-around-but-only-if-the-price-is-low-enough-2950956.html There is a lot of fear out there; young couples don't want to be buying. There are fears that a property might not be worth €70,000 in two years' time," he said. However, outside, Patrick Grant (41), was among several protesters highlighting bank repossessions. He said he was at risk of losing his Portlaoise home after his shop closed down. "My savings are gone paying the mortgage and bills over the past year. The stress, depression and anxiety that goes along with it and everything with the banks is all one way," he said. Bargain hunters out in force as property auction nets €11.4m http://www.independent.ie/national-news/bargain-hunters-out-in-force-as-property-auction-nets-euro114m-2950959.html The buyers are out there for property -- if the price is right. Quote Link to comment Share on other sites More sharing options...
iBought Posted December 1, 2011 Share Posted December 1, 2011 However, outside, Patrick Grant (41), was among several protesters highlighting bank repossessions. He said he was at risk of losing his Portlaoise home after his shop closed down. So to be clear Patrick having lost his job finds he is not in a position to fulfill his end of the agreement he freely entered into with the bank and he believes by holding a protest he will be granted a bail out. Crazy thing is he probably isn't crazy for protesting - moral hazard be damned. Quote Link to comment Share on other sites More sharing options...
Vespasian Posted December 2, 2011 Share Posted December 2, 2011 And the answer is........another two years in RoI according to the Economic and Social Research Institute (ESRI) http://www.independent.ie/business/personal-finance/property-mortgages/young-couples-told-rent-dont-buy-as-prices-keep-falling-2949450.html "Young couples told 'rent, don't buy' as prices keep falling - ESRI: prices to keep falling for two years - Households to lose €7,000 in three Budgets - Personal spending to fall for fifth year" Quote Link to comment Share on other sites More sharing options...
Vespasian Posted December 2, 2011 Share Posted December 2, 2011 (edited) Which really means at least another 2 years to go here, although I think we'll see major price cuts in early 2012........the game is truly up after Mr Osborne called time on fantasy recovery and doled out the hard medicine Edited December 2, 2011 by Vespasian Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 5, 2011 Share Posted December 5, 2011 (edited) 'There's money around but only if the price is low enough' http://www.independent.ie/national-news/theres-money-around-but-only-if-the-price-is-low-enough-2950956.html Bargain hunters out in force as property auction nets €11.4m http://www.independent.ie/national-news/bargain-hunters-out-in-force-as-property-auction-nets-euro114m-2950959.html The buyers are out there for property -- if the price is right. 92% of lots sold by Allsop http://www.irishtimes.com/newspaper/property/2011/1201/1224308413281.html one protester stood up in front of the auctioneer and warned about the “ill will” that could affect buyers of distressed property in communities. “Don’t bid then,” replied auctioneer Gary Murphy from UK-based Allsop. A first floor two-bed apartment at The Cubes in Beacon South Quarter, Sandyford, D18, with parking, sold for €152,000. A good bargain for someone in the room but not such good news for Jim Kelly who was waiting for the lot to come up. His daughter bought a similar apartment in Beacon South Quarter four years ago for €420,000. “She told me not to tell her what it got,” he said. In Donegal, five four-bed houses in Beechwood Park in Convoy had reserves of €21,000 each – the cheapest homes going under the hammer but actually sold for between €32,000 and €53,000. A lakeside log cabin-style house on the shores of Lough Sillan in Shercock, Co Cavan, with access to a private marina, went for €131,000 – over four times its reserve. “The bidding was very business-like, there was no waiting around,” says Robert Hoban, director of auctions at Space Allsop. “A lot were there to bid, there weren’t as many onlookers as before.” For those that failed to sell, “it was simply because they were priced too high The next Allsop Space auction will be held on March 1, 2012. Edited December 5, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted December 5, 2011 Share Posted December 5, 2011 92% of lots sold by Allsop http://www.irishtimes.com/newspaper/property/2011/1201/1224308413281.html one protester stood up in front of the auctioneer and warned about the “ill will” that could affect buyers of distressed property in communities. “Don’t bid then,” replied auctioneer Gary Murphy from UK-based Allsop, A first floor two-bed apartment at The Cubes in Beacon South Quarter, Sandyford, D18, with parking, sold for €152,000. A good bargain for someone in the room but not such good news for Jim Kelly who was waiting for the lot to come up. His daughter bought a similar apartment in Beacon South Quarter four years ago for €420,000. “She told me not to tell her what it got,” he said. In Donegal, five four-bed houses in Beechwood Park in Convoy had reserves of €21,000 each – the cheapest homes going under the hammer but actually sold for between €32,000 and €53,000. A lakeside log cabin-style house on the shores of Lough Sillan in Shercock, Co Cavan, with access to a private marina, went for €131,000 – over four times its reserve. The next Allsop Space auction will be held on March 1, 2012. There's some of the Beechwood Park currently at offers aroung 170K. 32K is some haircut. What would these have been at peak I wonder. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 5, 2011 Share Posted December 5, 2011 (edited) Rates Value-based property tax planned http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/valuebased-property-tax-planned-16086806.html Plans to introduce a new value-based property tax will be finalised in the middle of next year, the Irish Government has revealed. Phil Hogan, Environment, Community and Local Government Minister, said the levy on homes will replace the flat rate 100 euro household charge announced in Budget 2012. "A full property tax, requiring a property valuation system, will take time to implement, so the Government is introducing the interim household charge to apply to the majority of owners of residential property in the State," Mr Hogan said. "I will establish an inter-departmental expert group to advise me, by mid 2012, on the design, scope and implementation of the property tax." I have also introduced provisions in the Bill to protect vulnerable groups in society by providing a waiver for those on mortgage interest supplement and those residing in certain unfinished housing estates." Those living in social housing and ghost estates will be exempt from the charge. Further details on the unfinished estates qualifying for the waiver will be announced as soon as possible, the minister said. Edited December 5, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 6, 2011 Share Posted December 6, 2011 Mortgage relief records will be used to catch welfare frauds http://www.independent.ie/national-news/mortgage-relief-records-will-be-used-to-catch-welfare-frauds-2954552.html The Revenue and the Department of Social Protection are checking the names and addresses of those people who are claiming tax relief at source on joint mortgages. They are cross-checking names against those who are claiming lone parent allowance to see if any of them are actually living together. The State is spending €400m on mortgage interest relief this year -- as well as a further €1.1bn on lone parent allowance. Those who apply for both payments have to supply their name and address -- making it relatively easy to cross check the records. The lone parent allowance amounts to €188 a week, plus €29.80 for each additional child, and is paid until a child reaches the age of 14. Mortgage interest relief is a tax credit that can be worth up to €5,000 a year to a married couple -- and is applied directly to the mortgage repayments a person makes from their bank account. This is going to be abolished for new entrants at the end of next year. Mr O'Donovan said he wanted the department to carry out more work like this -- saying it should be using PPS numbers against the records of the motor taxation office (to check car sales) and airlines (to check who was going on flights). He said some people on social welfare were "living the life of Reilly" at the State's expense. "If they are as dependent on social welfare as they say they are, they wouldn't have the quality of life that they have," he said. "They change the car every year, they can buy land and they can have a huge splash when it comes to weddings or funerals." Mr O'Donovan added that the Revenue had the best computer system in the public service -- and urgently needed to link it properly with the IT system at the Department of Social Protection. He said it was not fair that some people were "ripping off" the taxpayer when genuine social welfare claimants, the self-employed and PAYE workers were suffering. "It's time to turn off the milking machine because the cow has run dry," he said. Budget 2012: Families €1,000 worse off and more to come http://www.independent.ie/national-news/budget/budget-2012-families-euro1000-worse-off-and-more-to-come-2954667.html Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 6, 2011 Share Posted December 6, 2011 Heroic Ireland can do no more, it is up to Europe now http://www.telegraph.co.uk/finance/financialcrisis/8937224/Heroic-Ireland-can-do-no-more-it-is-up-to-Europe-now.html What Ireland had was a calamitous property boom. This was made worse by eurozone interest rates too low for a Tiger economy: minus 1pc in real terms for seven years on average, according to a paper by the current central bank governor Patrick Honohan. The bubble destroyed the banking system, but not the export economy built up assiduously since the early 1990s with super-low corporate taxes (now 12.5pc), a carefully-crafted industrial strategy, and a small army of science and technology graduates. Office rental costs in Dublin have halved, and home prices are down 53pc. "We have won back all the unit labour cost competitiveness against the eurozone lost since 2000. This is a massive internal devaluation," said one official. We carried an undue burden for protecting the European banking system from contagion," said Mr Noonan, the finance minister. "Wherever there is a reckless borrower, there is also a reckless lender." The events are murky. Dublin had no idea what it was taking on in late 2008 when it underwrote Anglo Irish, essentially a real estate speculation fund with €100bn in liabilities. "Ireland inadvertently protected Europe from another Lehman," said one official. "It was a bad idea for Ireland in retrospect, but at that moment it was systemic for the rest of Europe." The ECB said it would not let any bank fail if it was systemic," said David Begg from the unions. "This is their version of risk-reward capitalism: risk-free for German and British banks that lent recklessly to our ill-managed banks, while 1.8m Irish taxpayers have to pick up the tab. Well, we can’t afford to pay, it is as simple as that. The burden of debt is unsustainable," he said. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 6, 2011 Share Posted December 6, 2011 Live Budget 2012: Help for negative equity homeowners http://www.independent.ie/national-news/budget/live-budget-2012-help-for-negative-equity-homeowners-2954667.html MORTGAGE interest relief is to be raised to 30pc to help people who bought houses between 2004 and 2008 Finance Minister Michael Noonan announced as he revealed Ireland’s fifth austerity budget since 2009. A waiver on the €100 household charge will apply to those on mortgage interest supplement and for those living in unfinished housing estates, or so-called ghost estates. In an attempt to add some optimism to the crippled property market, a new capital gains tax incentive has been drawn up. The gains on any property purchased between midnight tonight and the end of 2013 and held for at least seven years will be exempt from the tax. For first-time buyers who bought homes during the property boom, mortgage interest relief will be increased to 30pc. The relief will be phased out after 2012, to be fully abolished by 2018. For first-time buyers purchasing next year, a mortgage interest relief of 25pc will apply, while non-first-time buyers can benefit from a 15pc relief rate. A property relief surcharge of 5pc will be imposed on investors with an annual gross income over €100,000. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 8, 2011 Share Posted December 8, 2011 Tax changes to spark revival of property prices http://www.independent.ie/national-news/budget/news/tax-changes-to-spark-revival-of-property-prices-2957739.html The ESRI recently forecast that prices could fall 55pc from peak and it is clear that some sectors have further to fall. However, small pockets of the market are beginning to show slight signs of stability if not recovery. These include upmarket Dublin 4. Mortgage interest relief may boost the market, but what does it mean for you? http://www.independent.ie/national-news/budget/questions-answers/mortgage-interest-relief-may-boost-the-market-but-what-does-it-mean-for-you-2957738.html AROUND 214,000 home-owners who bought during the boom are to benefit from a boost to the amount of tax relief they get on their mortgage repayments, with up to €2,000 a year in extra mortgage tax relief. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 8, 2011 Share Posted December 8, 2011 Philip Lynch and family liable for €25m loan http://www.rte.ie/news/2011/1208/philiplynch.html The current value of the lands has been estimated at around €4m. In 2007, when the loan was taken out, values as high as €80m were suggested. Mr Justice Michael Peart said he was not satisfied that AIB was guilty of negligence. Mr Lynch and his family were liable to repay the debt, the judge ruled. He said the members of the family had only themselves to blame for the predicament they now find themselves in. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted December 13, 2011 Share Posted December 13, 2011 Revealed: How your pay has plummeted in past three years http://www.independent.ie/national-news/revealed-how-your-pay-has-plummeted-in-past-three-years-2961427.html An Irish Independent investigation into pay in some of the country's main industries shows salaries have plunged by as much as 30pc In 2008, an unskilled tradesman was working 48 hours a week and earning a legal minimum of €37,851 a year while taking home another €11,550 in overtime. But the loss of extra hours plus a pay cut have eroded the salaries of those who still have a job by 29pc -- including an agreed cut to the minimum salary of 7.5pc. On top of pay cuts and freezes, families are struggling with plummeting purchasing power. Families on the average gross salary of €50,000 have suffered a loss of €4,000 from higher taxes and pay cuts. This has resulted in monthly take-home pay dropping from €3,155 to €2,828. In the past year alone households are shelling out €1,300 more to clear their bills. Despite the banking crisis, staff in the financial institutions escaped cuts in basic pay. Quote Link to comment Share on other sites More sharing options...
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