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27/11/2007
Could Falling Mortgages Mean Celtic Tiger Is Tamed?
New mortgages have fallen by a quarter, an indication of a slowdown in the overall housing market and of a sluggish Irish economy - leaving the construction industry vulnerable.
The number of new mortgages issued in the Republic of Ireland fell 25% in the three months to the end of September, new figures show.
Some 40,992 new mortgages were issued - which is down from 54,623 mortgages a year ago - the Irish Banking Federation/PwC Mortgage Market Profile figures showed.
Mortgage lending dropped 18% to €8.98bn (£6.5bn; $13.4bn) from the same quarter a year ago.
While overall house prices have quadrupled in the past decade, and that economic success given Ireland its Celtic tiger name, that has also brought higher interest rates and those are now influencing borrowers' decisions to 'stay put', the report said.
Interest rates in the eurozone are 4%, following successive rate increases by the European Central Bank.
Therefore, a slowdown in the housing sector may feed into the wider Irish economy, analysts said.
The obvious casualty will be the building industry, since, last year, construction alone accounted for almost a quarter of Ireland's gross national product - and any slow down would be felt there more quickly than any other commercial sector.
(BMcC)
The number of new mortgages issued in the Republic of Ireland fell 25% in the three months to the end of September, new figures show.
Some 40,992 new mortgages were issued - which is down from 54,623 mortgages a year ago - the Irish Banking Federation/PwC Mortgage Market Profile figures showed.
Mortgage lending dropped 18% to €8.98bn (£6.5bn; $13.4bn) from the same quarter a year ago.
While overall house prices have quadrupled in the past decade, and that economic success given Ireland its Celtic tiger name, that has also brought higher interest rates and those are now influencing borrowers' decisions to 'stay put', the report said.
Interest rates in the eurozone are 4%, following successive rate increases by the European Central Bank.
Therefore, a slowdown in the housing sector may feed into the wider Irish economy, analysts said.
The obvious casualty will be the building industry, since, last year, construction alone accounted for almost a quarter of Ireland's gross national product - and any slow down would be felt there more quickly than any other commercial sector.
(BMcC)
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08 November 2012
Increase In Number Of Mortgages Issued
The number of new mortgages issued in Q3 2012 represents an increase of 23.5% compared with the previous quarter and an increase of 10.4% compared with Q3 2011, according to The IBF/PwC Mortgage Market Profile. This is the first year-on-year increase since Q3 2006.
Increase In Number Of Mortgages Issued
The number of new mortgages issued in Q3 2012 represents an increase of 23.5% compared with the previous quarter and an increase of 10.4% compared with Q3 2011, according to The IBF/PwC Mortgage Market Profile. This is the first year-on-year increase since Q3 2006.
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
11 September 2009
AIB To Refund €400k In Overcharges
There is no let up at the troubled Allied Irish Bank, as announces it is to return almost €400,000 to customers it overcharged on tracker mortgages. The overcharging affects 436 mortgages with the average refund being €906. The bank said the Financial Regulator had been informed of the mistake.
AIB To Refund €400k In Overcharges
There is no let up at the troubled Allied Irish Bank, as announces it is to return almost €400,000 to customers it overcharged on tracker mortgages. The overcharging affects 436 mortgages with the average refund being €906. The bank said the Financial Regulator had been informed of the mistake.
16 May 2008
'Large Irish Presence' At Cannes
The focal point for the Irish film industry at the Cannes Film Festival, the Irish Pavilion, has opened again for business this week, with over 200 of the leading lights of the Irish film industry flying out to the festival to promote and sell new Irish cinema.
'Large Irish Presence' At Cannes
The focal point for the Irish film industry at the Cannes Film Festival, the Irish Pavilion, has opened again for business this week, with over 200 of the leading lights of the Irish film industry flying out to the festival to promote and sell new Irish cinema.
20 August 2012
Increase In First-Time Buyers
The Irish Banking Federation (IBF)/PwC Mortgage Market Profile, published today, shows that the number of new mortgage loans issued to First-Time Buyers and Mover Purchasers during Q2 2012 increased on a year-on-year basis. A total of 3,225 new mortgages to the value of €524 million were issued during the second quarter of 2012.
Increase In First-Time Buyers
The Irish Banking Federation (IBF)/PwC Mortgage Market Profile, published today, shows that the number of new mortgage loans issued to First-Time Buyers and Mover Purchasers during Q2 2012 increased on a year-on-year basis. A total of 3,225 new mortgages to the value of €524 million were issued during the second quarter of 2012.
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