The credit union movement is set to become a significant player in the mortgage market by the end of 2017. At the Irish League of Credit Unions’ (ILCU) Annual General Meeting earlier in April 2017, credit unions voted in favor of a centralized structure that should provide assistance with the administrative burden related to mortgage lending.
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The risk of overheating in the Irish property market is imminent. As per the latest report of the Central Statistics Office (CSO), from February 2016 to the end of February 2017, the price of houses spiked by an average of 10.5 percent across Ireland, with an increase of up to 17.8 percent in the west of the country. This two-digit increase is noted for the first time in the two previous years, and further rises are expected.
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Dublin City Council’s housing waiting list contains over 20,000 applicants’ names who might have to wait for more than 40 years to have a place to live. The initial plan (made almost a year ago) stated that by 2021, over 47,000 housing units would have been ready, €200 million would have been allocated to infrastructure costs and at least 15,000 to 20,000 new homes would have been delivered to applicants. However, Dublin City Council’s figures from January show that there are now 18,946 people left on that list. Have a look at how this housing crisis keeps on deteriorating and how this will affect the people and the economy in the future.
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Over 350,000 Irish households are currently on tracker mortgage, that is, their mortgage amount is contractually linked to the official rate. This was providential for them as the base rate has neared zero since seven years. But the pressure on families is about to be renewed as the Governor of the Central Bank warns that the epoch of cheap debt is soon to become a thing of the past.
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