Commercial property activity in Ireland plummets according to analysts

The commercial property investment market in Ireland is at a virtual standstill and substantial yield increases are needed to improve the situation, according to analysts.

Since the beginning of the year only €392 million of Irish investment deals were signed, according to a new report from CB Richard Ellis Ireland. This compares with €1.9 billion in the same period in 2007.

Read the full article at Property Wire

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Value of new mortgages down 16% this year

THE VALUE of new mortgages advanced in the three months to June dropped 13 per cent, bringing the decline for the first half of this year to 16 per cent, new figures reveal.

Tighter lending rules and declining demand amid falling property prices and higher bank funding costs have brought activity in the mortgage market in value terms below levels last recorded in 2005, according to statistics pooled by the State’s mortgage lenders.

Read the rest of the article here

Bank of Ireland to close down eight high-street mortgage stores

The Bank of Ireland is to close down The Mortgage Store – its chain of eight mortgage branches.

Read the full article here

Homes at risk following high mortgage increases

Many struggling mortgage holders face repossession following recent mortgage rate increases according to an article in today’s Herald.

Mortgage Ireland Launched 18th August 2008

Summary:

Irish Property Blog – Mortgage Ireland Launched as Beta


Mortgage Ireland (https://mortgageireland.wordpress.com/) will officially launch this week on the 18th August 2008.

The website aims to provide up to date Mortgage News and Information to Irish consumers and brokers, as well as an Irish Mortgage Directory.

Mortgage Ireland will run in Beta for the first 3 months whilst it gathers advertisers and syndication partners.

Also launched will be Mortgage Ireland’s sister website Property Ireland (http://propertyireland.wordpress.com/).

Both websites will initially be in Blog format until they gather sufficient investment to move to new servers.

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Mortgage Ireland website address: https://mortgageireland.wordpress.com/

Property Ireland website address: http://propertyireland.wordpress.com/

Media / Advertisers Contact: mortgageirelandmagazine@googlemail.com

Lender puts 50pc mortgage limit on rural purchases

According to an Article in the Irish Independent mortgage lender First Active has limited mortgages in rural areas of Ireland to 50% of the property value.

They will now only approve larger mortgages in cities such as Dublin, Cork, Galway, Limerick and Waterford.

Read the full article here

Traumatic house building adjustment to continue

“What a difference two years makes for house building. Housing demand waned in mid-summer 2006 and builders reacted almost immediately. In June and July of that year, housing starts hit an annual rate of 97,000 (assuming that the rate of build in those months was to continue for a 12-month period).”

Read the rest of the article here

NIB defends low profit margins on tracker mortgages

The Irish Independent reports that the National Irish Bank is dismissing claims that they are losing money. on their competitive LTV (Loan To Value) mortgage deal.

Read the rest of the article here

Northern Ireland’s Mortgage Repossession Rate Soars

Mortgage repossession rates in Northern Ireland are soaring. According to the Irish Times “the number of mortgage repossession actions in Northern Ireland has jumped by 59 per cent to the highest level in eight years.”

Read the full article here

HBOS to cut mortgage jobs

One arm of HBOS, The Mortgage Business (TMB), will close to new custom at 8pm on 22 August and a mortgage processing centre will also be shut.

HBOS to cut mortgage sector jobs

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