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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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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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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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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U.S Housing Market since ’08

It’s been ten years since the U.S. housing market crashed and caused many banks to close their doors and many people to lose their homes.

The question today is, has the market recovered? It depends on where you look….it is predicted that the market will have fully recovered by 2025, says Ralph McLaughlin, chief economist.

When predicting the recovery of the housing market, it is vital that you keep in mind the key factor of location.

Housing development varies greatly from state to state and it is places like California where we see a complete recovery in some areas and little to no recovery in others.

Such a large range between close by spaces is due to factors such as the city’s overall well-being. By this, I mean population growth and job outlook.

When a community is expanding and working within its own limits it is inevitable that different areas in the community will also look up, such as the housing market.

When developing the statistics in assessing the recovery of the housing market we compare current data to pre-recession …

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The Housing Markets most Pressing Issue

Ireland’s “most pressing issue”…

The lack of housing.

Economist Philip O’Sullivan is reported as saying that tens of thousands more houses need to be completed annually to meet current demand. Why is it that there’s such a shortage of homes?

It is on schedule right now that 21,500 homes were built this year and 24,000 for next year. Though, a good number in the race to meet demand needs, it is nothing near the needed 30-50,000 homes being built to sufficiently meet the demand.

The society of chartered survey of Ireland has predicted that this housing crisis could continue for another 10 years. Paul O’donoghue, a writer for Fora sad that drastic measures need to be taken immediately to push for the development of homes.

With too little of homes available to meet demand, it is the law of supply and demand that says the price of the homes will increase as well. Equilibrium is expected to be reached by 2026.

This, falling in line with the prediction of the housing crisis to continue for nearly …

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The Solution to the U.S Down Payment Dilemma

Those looking to buy a home in the States are all currently saying the same thing is holding them back….They can’t seem to afford the down payment.

Down payments on houses can be burdensome and oftentimes weigh on the ability to buy a home. In some cases, it calls for years of disciplined saving. Something that can be difficult for someone who wants a home and wants it now.

That’s where the start-up company Loftium comes in with a solution. This is a business started by 29-year-old Yifan Zhang of Seattle.

As someone who has personally heard her friends talk for years about the down payment dilemma, she finally decided to do something about it.

Zhang started as any other Airbnb business owner. Renting out one room in her townhouse to generate extra cash. Little did she know just how much cash she could actually generate.

Quickly into her business, she was earning enough to completely pay for her mortgage and then have some left over!

That’s when the idea dawned.

Zhang decided to eliminate …

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