We were asked to take part in an interview on Primetime about house prices and whether or not they were starting to show signs of falling. Our view is that they will fall in time (probably in a damaging way) but that it won’t be soon because supply is still above demand and price indicators like rents are still rising. This is damaging for first time buyers and those stuck paying high rents.
The Today Show with Sean O’Rourke had us on to discuss an article written by Charlie Weston in the Indpendent about the strong level of cash buyers in the Irish property market. Marie Sherlock from Siptu the trade union was also on, what followed was a robust conversation where there was some interesting debate but also a lot of agreement on the problems, symptoms and solutions to the ills of the Irish property market.
We were pleased to see our points about property tax on the Tonight Show on VMT given time to get worked through. The full show is available online at Virgin Media.
The Tonight Show, Monday to Thursday at 11pm on Virgin Media One. pic.twitter.com/Cl2cYxpxXW
— The Tonight Show (@TonightVMTV) January 15, 2019
In this discussion the way that council houses are used was discussed, the piece is very topical because there are serious overcrowding issues in many council houses where you have five or more people crammed into a one bed home while other people in council owned houses occupy four bed houses on their own. Our view is that this is a national emergency and for that reason the people in these situations should swop with one another.
(click into the blog post for the video) We were really happy about taking part in panel on the Late Late show on RTE to discuss the rented sector and some of the issues being experienced in it at the moment.
We took part in a panel discussion about the ‘take back the city’ campaign. While we are in favour of solutions to housing shortages, taxing dereliction and land, we are not in favour of taking people’s property. This has to be balanced against why property rights were established in this country and we also questioned why they went after private property rather than the abundant and abandoned state owned property which includes council owned homes that are not being used.
Comedian Deirdre O’Kane and Karl Deeter were on Matt Cooper’s ‘Last Word’ last week to take part in the ‘Friday Panel’ which is a segment of the show that goes through the big stories of the week. There were lots of topics covered, presidential elections, property protests and parenting tips!
Newstalk’s ‘Lunchtime’ with Ciara Kelly did a piece on new wealth statistics issued by the Central Bank which featured Karl Deeter from Irish Mortgage Brokers. It looked at the average wealth per person in Ireland and the point was made that property was a very large component of it. Other things that affect wealth were also discussed as well as some of the problems around using ‘averages’ to describe anything.
We were happy to take part in a conversation on the Last Word with Matt Cooper about the recent Ulsterbank loan sale, Karl Deeter was there for Irish Mortgage Brokers and Mick Barry TD was also part of the interview.
Problems have been arising with mortgage interest rates in Ireland for quite some time now. As there has been a worsened housing market and much conflict has arisen from it, the uncertainty of many different aspects have come to arise.
Many banks have had to make competitive advances in the market just to stay relative and appealing to their customers. The housing market has simply become a game in Ireland.
Without constant changing rates, their appeal would diminish, in turn, causing a fall in their overall customer base. A rapid decline in business would quickly be seen.
Most recently, Ulster Bank announced more drastic cuts to their interest rates that would, in turn, also affect their fixed rate mortgage offerings. This was done as a way to stay competitive as many other primary banks for lending have been recently seen as doing similar things.
The Irish housing market is offering customers some of the highest variable rates accessible across the eurozone. Ireland’s average variable rate stands at 3.37% while the rest of the eurozone has an average of just 1.8%. …