Pat Kenny Show on Newstalk 106, featuring Irish Mortgage Brokers

Pat Kenny had Lorcan Sirr from DIT and Karl Deeter from our company on to talk about the property market in particular in light of the changes announced by the Central Bank.

The conversation covered many topics in the market and outlined where so many issues in housing are arising.

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Newstalk ‘The Right Hook’, Jonathan Healy speaks to Karl Deeter

We were speaking to Jonathan Healy who was covering for George Hook on ‘The Right Hook’ about the ‘home renovation initiative’ which is set to end at the end of 2016. We covered some of the general terms and conditions of how it worked then went on to analyse whether it was a good idea or not given the various happenings everywhere else in the market.

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Irish Times article by John McCartney, Lorcan Sirr & Karl Deeter

The Irish Times carried an article by John McCartney (Savills), Lorcan Sirr (DIT Bolton St) and Karl Deeter (Irish Mortgage Brokers) about the issues surrounding a shift away from a home ownership model.

Our point isn’t that there is a definitive ‘right or wrong’ way to provide housing, obviously our market has massive issues at present, but the larger question is the long run effects and how a lack of household savings can turn a property crisis into a pension crisis of sorts.

That is why we need to find new solutions for more than just housing.

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Economic factors affecting the Irish property market (part II)

Unemployment

The causes of these dramatic price movements in such a short period are numerous as mentioned in the introduction but unemployment is certainly one of the most important.

At the start of the period the annual unemployment rate (April figures) stood 4.5% and remained relatively low until 2008 where it reached 5.4%. However as the financial crisis struck the unemployment rate climbed rapidly to peak at 14.8% in 2012. From then it has fallen to hit 9.8% for year ended April 2015  (CSO, n.d.).

As can be seen from the graph below the unemployment rates rise has mirrored the property index’s fall and vice versa to a very tight degree. I have divided the property indexes by 10 to make the graph easier to read and January 1st 2005 is 10.

So why could the unemployment rate affect the residential property prices to such a degree? Firstly traditionally most properties (more than 70%, though at present this figure is nearer 50%) are purchased with the aid of a mortgage and an unemployed person is not normally successful in getting …

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Newstalk 106: Pat Kenny talks to Irish Mortgage Brokers

The Pat Kenny show on Newstalk 106FM had Karl Deeter of Irish Mortgage Brokers and Carol Tallon of BuyersBrokers on to discuss the property market in 2016 and to consider some of the things that were happening as well as why certain problems seem to persist.

It was an interesting segment and one that highlighted things such as problems of dereliction.

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Irish Times mention Irish Mortgage Brokers in article about renting

We were quoted in a this piece by Aoife Valentine of the Irish Times which was an interesting article about the situation renters face.

When discussing the rising age of first time buyers she quoted us as we mentioned that “this is something that’s become very obvious to mortgage broker Karl Deeter.

“When I started working in lending in around 2003, people in their 20s were borrowing. Nowadays, your typical applicant is no longer 24 to35, they’re 30 to 40,” he says.

New mortgage lending rules issued by the Central Bank in January say that first-time buyers may borrow only 3-and-a-half times their gross annual income, and they must save a 10 per cent deposit on the first €220,000 of the value of the property and a 20 per cent deposit on any higher value.

Deeter believes these rules are now having an effect on who gets on the property ladder.

“What the deposit rules have done is keep people in the rental sector when they otherwise would have been …

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TV3 Late Review, discussion on ‘a constitutional right to housing’

In this piece we were asked to contribute to a conversation on the constitutional right to housing. Maeve Regan from The Mercy Law Resource Centre discussed the merits of the idea which was put forward by the charity she heads up, while Karl Deeter took the view that an addition to the constitution of a right to housing won’t resolve the problem and that the right already exists.

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RTE Drivetime: Mary Wilson speaks to Irish Mortgage Brokers about Budget 2015

We spoke with Mary Wilson on Drivetime about the Budget 2015 announcements and agree that it wasn’t a ‘budget for builders’ because it was more like a budget for land bankers.

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