Category Archives: House Prices

State lost €31m by overpaying in five property deals

More than €31 million of taxpayers’ money was overpaid by the Office of Public Works (OPW) in five property deals over a four-year period, an internal report has found.

Completed last year by two surveyors working for the OPW, the report has since been sent by OPW management to the Comptroller and Auditor General and has recently been sent to the Oireachtas Public Accounts Committee (PAC).

The unpublished report, seen by The Irish Times, concluded the Civil Service culture in the OPW was resulting in “poor value for money outcomes”. It claimed there was “considerable potential for corruption to arise in property transactions” conducted by the OPW, because waste of funds “is tolerated within the system”.

The five transactions examined by the surveyors, one of whom has...

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Residential Property prices rise by 10.4% in July – CSO

Residential property prices posted their slowest annual growth rate in over a year in July, rising 10.4% compared with a three-year high of 13.3% in April. The latest figures from the Central Statistics Office also showed that residental property prices outside of Dublin continued to increase at a faster pace than in the city. Prices for a home outside of Dublin rose by 13.7% higher in the year to July, while they increased by 7.2% in Dublin. Today's figures show that house prices in the Rest of Ireland increased 13.1% in the year to July, while apartment prices jumped by 18.7%. The Mid-West region showed the greatest price growth, with house prices increasing 23.7%. The Border region showed the least price growth, with house prices there up 6%. Meanwhile Dublin house prices increased by 6.5%...
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Lender must show ‘mortgage to rent’ is only pilot scheme, court rules

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A financial institution must show it is not signed up to a “mortgage to rent” scheme, and is only operating a pilot scheme, if it is to succeed in its claim to repossess a couple’s home, the High Court ruled. The scheme was set up by the Government to help home owners at risk of losing their home whereby a lender sells the house to a housing agency and the borrowers would then become tenants of that agency. Mr Justice Michael White was dealing with a dispute over whether a Dublin couple was entitled to avail of that scheme.

He said a lender, Stepstone Mortgage Funding Ltd, must show that it is only operating a...

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House price rises calm down as tighter mortgage rules kick in

Less than half of areas saw house prices rise in May, as further signs emerged that tougher new mortgage rules are putting the squeeze on borrowers and cooling the housing market. House prices continued to rise across the UK in May but there has been a slight slowdown in the rate of inflation compared to April, according to a survey by property analysts Hometrack. It found that house prices increased 0.5 per cent on the month in May, inching down from 0.6 per cent in April. But in a further indication that the property revival might be moderating, the proportion of areas that saw price increases over the month slipped from 50 per cent in March and April to 42 per cent in May. Full story via...
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House prices up Nationwide

Property sales throughout the UK surged by 32% during March and additionally vendors are likewise positive with instructions rising by 36%, a new study reveals. In general prices increased by 1% last month making the UK average £212,372, as reported by the most recent index via Sequence, with 300 estate agent branches across the country. This means a price rise of 11% annually. Within London improvement is still more robust with prices rising 2% month on month up to £457,872 and moving upward 24% on a yearly basis, the results indicate. House sales within the capital accelerated with 34% month on month. The index document in addition demonstrates home loan applications increased by 5% from March, with first time buyer home loan applications rising by 7% from...
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