A property crash does not happen overnight. As housing prices are soaring across Ireland and demand is no more matching supply, experts are predicting that in seven years, the next property crash will hit the country. Even if it may seem far away, remember that it is in early summer that the foresighted squirrel amasses nuts to make provisions for the harsh days of winter.
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New figures released by the Banking and Payments Federation Ireland (BPFI) have shown that the number of mortgages that are approved has risen by more than 17 percent, year-on-year, to July 2017. The new data shows that there is a “continuing strong demand” for new mortgages in the country.
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Ireland’s economy is “overheating”. The Organisation for Economic Co-operation and Development (OECD) has issued fervent warnings as property prices and lending in the country witnessed a sharp increase. Ireland may be on the verge of sinking in yet another property bubble.
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Irish banks are determined to proceed with massive repossessions. This decision stems from the strong willingness to erase the worst non-performing mortgage loans from their books. In Europe, Irish banks top the list as institutions carrying the largest non-performing home loans.
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Amidst the housing disaster shaking Ireland, Sparkasse, the largest bank in Germany, has proposed to try to pull the country out of this crisis. This non-profit model planned to be established in Ireland for an estimated cost of €200M is applauded by the European Investment Bank. It would bring some level of relief, especially to hard-pressed first-time buyers in Ireland. However, it is not enjoying the same warm welcome on behalf of the Irish authorities.
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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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For the first time, the number of homeless people in Ireland has crossed 7,167. This figure includes 2,500 children. This represents a 91 percent increase compared to two years ago. Homeless charities are urging the government to take urgent actions. One of the proposals is to introduce a vacant housing property tax.
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