Current House Price Report

Recently released at the beginning of July 2018 was the housing price report for Q2. Though little differences appear on the surface, there are few small signs signaling a positive overall change in the market.

Home sale prices are currently up when compared to those of just three months to a year previous. This statistic is proven accurate for nearly all parts of the country, that is, with Donegal being an exception. Donegal typically is the outlier of the counties as Brexit is being found to have a strong impact on their housing market.

Because the housing market is still showing sign of increased demand coinciding with a weak development of new homes, it is predicted that the prices will continue to grow. However, with this most recent report from draft.ie, we see that the overall trend may be slowly changing as prices are only 5.6% higher than the current 0% inflation, being the lowest rate of inflation reported in nearly four years.

The last time Ireland has seen a similar situation to the one currently facing the economy was …

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Will Ulster Bank Dominate the Housing Market

Recently, Ulster Bank, a major mortgage lending bank, announced a drastic interest rate cut down to a 2.3% fixed rate for two years. Essentially blowing their competitors out of the water.

Against all other players in the market, the Ulster Bank is offering the lowest rate of all.

Ulster’s closest competitors, being the center at Haven Mortgages with a fixed rate set at 2.8%. All other banks showing rates setting at 3% – 3.2%.

The lingering question after this announcement by Ulster is, will we be seeing a shift in other banks to lower their rates as well?

This is an important question for the borrowers as well as the lenders for it impacts the business trend between banks.

If the competing banks believe they need to to stay competitive then it is likely that we will, however, if they have the advantage to keep them ahead of their competitors then they will have no need.

It is hard to say for sure if the other banks will follow in suit and lower their interest rates but that is genuinely …

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Possibilities of House Prices to Fall

Disregarding the findings of all recent numbers and reports that have been recorded, Central Bank Governor Philip Lane is reported by the Oireachtas Finance Committee as saying that he is expecting house prices to fall over the upcoming 3 years.

This statement being a bold one as the figured recently released by the Central Statistics Office reports house prices to have rose in the previous month by nearly 13%.

Such a statement that if true, would be a drastic change in the housing market and would cause chaos among buyers and sellers as the stark difference between the two different scenarios.

Though Philip Lane cannot say for sure what the housing market will do in the coming years, he made his predictions based off of a few “headwinds” that are expected to be taking a hit to the market.

Specific events that many are expecting to cause a large backlash in the economy and the housing market are Brexit and the funding costs for banks.

If a negative outcome is to be the result of either of these, they should …

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Volatile Housing Prices in the Irish Market

Ireland housing price inflation has come to be of large concern to the public as a wider gap of the housing market will likely develop. Currently, central bank lending rules have been established and are beginning to be implemented as a way to slow the rate at which it is increasing.

Housing prices are still on the rise, as they have been in many recent reportings throughout the nation in current times. With tighter bank lending now being enforced more and more at a national level, the rate of inflation throughout Ireland has been seen to finally begin to slow down.

The second quarter of 2018 reported by MyHome.ie showed a steep increase in home prices alongside the slowest pace of inflation to be recorded in over two years.

The steep prices of homes have for a while now, been on the watch by the nation as a housing shortage has been of strong concern, affecting the living standard of many citizens throughout the nation.

As asking price inflation has slowed dramatically, Dublin has been feeling some of the effects.

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Office Occupancy Cost Seeing a Shift

Rental space is on the rise in the Irish market, though typically assumed strictly to act as homes, there is new research pointing our direction to the office rental markets.

With the latest bi-monthly report recently released by commercial property specialists CBRE, numerous important transactions in multiple sectors of the Ireland commercial property market have been reported.

The report is mostly noted for the strong take-up recorded in the Dublin office market during the beginning of 2018. Dublin is currently ranked 27th for global office occupancy costs, compared to the 29th place they held in the year previous.

This shift to fulfill more and more office space within the city is most likely due to the ease of doing business within the city limits.

By maintaining such a central location, it is made possible for businesses to thrive. Businesses often depend on the resources a city offers, as well as the booming customer base. In the nation of Ireland, Dublin really is the best place for this.

With office rents in the suburbs seen to be at levels currently less …

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What Brexit Means for the Housing Market.

How will Brexit affect the Ireland housing market? A question wondered by many citizens in Ireland, especially those currently active in the housing market.

Though not all bad, the housing market could be negatively impacted by the loss of international buyers.

As the nation watched as the British pound lost value by 10% with the referendum result being announced, and has dropped even more since then, housing in Ireland just got significantly more expensive for British buyers.

With current housing prices already being considered too high, for all buyers, international or not, the prospects of buying just got much more difficult for anyone newly searching.

The Irish Times reported recently that 60% of buyers of top-end homes are international, while 40% being more specifically from the UK.

By top-end homes, the Times is reporting numbers of €1 million and over homes. Meaning, the rest of the market, while without statistics from the Irish Times is also highly diluted by foreign investors.

Citizens looking to permanently move should not have much of an impact in their quest to buy as it …

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Housing Price Hike Near Public Transport

It is well known that Dublin is currently the most sought out housing market in Ireland. With the highest populated city in the nation, this is, however, not a surprising fact.

Why Dublin? An obvious question….It has everything anyone could want. From restaurants and shopping to sports and entertainment, everyone is guaranteed something from this central spot.

In recent years there has been a significant influx of people to the Dublin area as it has grown as a point of interest for home buyers as well as a point of business for the working class.

What these home buyers are finding, however, is a large disappointment.

As it is well known for the housing shortage buyers determined to find a home are either making large sacrifices or paying huge lump sums to get what they want.

These sacrifices often lead to looking outside of the buyer’s ideal location and settling on a greater commute. Commutes, being the reason the recent studies that have been conducted in regards to the housing market have found such surprising results.

It has recently been …

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Housing Induced Stress on Students

Students all around the world have been struggling with universities taking advantage of their wallets for quite some time.

It is only recently, the students of DCU have spoken up for themselves in the hopes to be heard and make a difference for all future student planning to attend DCU.

Their argument, one that is on the minds of many…what is up with these price hikes?

Every year student residents have been noting dramatic increases in the cost of accommodations for the academic year.

With the most recent price hike bringing the total cost to 10,000 euro. That, being, nearly triple the cost of attendance!

One of the most prominent arguments to this petition is the stresses that are already felt by the students in their regular responsibilities within the classroom.

Some price jumps are reported to be up from 29% the regular prices. A hike that is difficult to cope with and may defer some students from choosing to attend and further their education at all.

In many cases, the costs are outweighing the …

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Start-up to Cause Shift in Housing Market

As I have previously written, the Irish housing market is currently experiencing a great crisis. With nearly no answers, the public is scrambling to find a way out, a way to the surface of all this financial distress.

This is where the Irish start-up Moove comes into play.

They’re entering the market with a goal to disrupt the market and give buyers and seller more choices and control during the sale of a home.

Yet to fully enter the Irish market, they are basing and forecasting the success of their business on the hybrid online model, currently based in the UK.

This model is currently offering sellers savings up to 7,200 euro!

Founder of Moove, David Madden started his career at the age of 17 as an estate agent at his parent’s business.

Having worked in the real estate business for many years, he has great potential in the start-up of such an inventive company.

Moove is designed to provide the same services one would find from a regular real estate agent, starting at a base cost of 1,800 euro.

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Irish Housing Market Trends

Ireland has seen a hit take place in recent years as property market seems to be downsizing. Families, with two full-time working partners, are finding it difficult to afford houses at their current increasing costs.

It has even been reported by Mark Keenan, a writer for business property and mortgages that working families are struggling to rent as well.

The average working couple in Ireland is earning a combined income of 70,000 euros. This is far below what a couple needs to earn to afford a home today.

It is reported that the average home in Dublin is now priced at mid 400,000 levels. Much more than what the average working couple could afford.

In just the last three months, there has been a multiple week increase to sell a home in Dublin. The housing market is slowing down and it’s slowing down fast.

Why is it that homes are being put on the market for such high prices? It could be that those selling the homes are finding it hard to sell for less …

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