Housing in half of all counties are unaffordable

According to the Irish independent, homes are becoming so expensive that first time buyers cannot afford to purchase a home in half of the counties in Ireland. Not only are the housing prices too high to quantify as affordable, but mortgage requirements do not make buying homes possible for first time buyers. In other words, a buyers average income does not amount to the fund needed to deposit. A buyer’s income on average also does not quantify to high enough earnings to qualify for a mortgage.

The lack of affordable homes have always been an issue in Dublin and Cork, but the trends in the housing market are causing widespread housing unaffordability throughout the state. Recently, a survey conducted by the EY-DKM economic advisory determined Co Roscommon, Co Clare and Co Offlay have been defined as additional counties that are now too expensive for buyers.

The most unaffordable counties of Co Wicklow, Co Kildare, and Co Meath have been defined as the most unaffordable in terms of saving for a deposit. These counties take an average of 15 plus years …

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Changing bank trends

Today we will highlight some changes that we may see come into the Irish mortgage market in the near future, as well as some suggestions from the think tank here in Irish Mortgage Brokers. The current economic climate is one where it is easy to look back and spot errors that were made, but rather than focus on the blame game we hope to consider ideas that will prevent a property asset bubble from occuring again as well as some ideas that could help promote sustainable lending, these ideas won’t beat the recession this time around but it may be good medicine for the future housing market.

1. Long term fixed rates: In the USA the prime mortgage sector is not going into the same kind of default as the rest of the sub-prime and Alt-A loans are, in the cases that they do it is down to redundancy and the other things that generally cause bad debt irrespective of the wider economy. One reason that this is happening is because loans there are taken out on a long term …

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