Category Archives: House Purchase

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The unpublished report, seen by The Irish Times, concluded the Civil Service culture in the OPW was resulting in “poor value for money outcomes”.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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Sold out for second auction

There’s a whole range of affordable Limerick, Cork, and Kerry homes coming up for sale in two weeks time, via the I Am Sold/Munster Property Auction method. The sales method, given a first Munster outing in May, resulted in 16 of 20 lots selling at, or prior to, auction, with a number exceeding their quoted reserve prices. About 150 attended the May auction, and one property alone had 20 registered bidders — so interest is high in this second outing in the Rochestown Park Hotel. Lots include the three-bed, c1,000 sq ft mid-terraced house at 11 St Philomena’s Rd, Gurranabraher, Cork City, seeking bids at or over €62,000 via Property Partners’ Matt Fallon, who says it needs upgrading. The same agent also has an end-terrace two-bed house...
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Eight in 10 homes out of reach of families in UK

Fewer than two in every 10 homes for sale in England are affordable for working families on average wages. And in some areas, would-be buyers are priced out completely, even if they can raise a sizeable deposit, according to figures from Shelter that underline the extent of the housing crisis. Rocketing house prices in some regions, combined with stagnant wage growth, have combined to push homes out of the reach of buyers, so much so that in more than half the country fewer than one in 10 of the suitable homes on the market was affordable to families who could put a typical 18% deposit towards their purchase. "When a family looking to buy their first home searches a whole town for a place to live...
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Mortgage approvals down to lowest level in six months

Mortgage approvals fell harder than expected for the second consecutive month in March suggesting the introduction of stricter lending rules could be hampering the market. Data from the Bank of England shows mortgage approvals for house purchases numbered 67,135 last month, the lowest since September 2013 and down from 69,592 in February. Mortgage approvals hit 76,251 in January, a level not seen since before the financial crisis. Today's figures mean a 12 per cent lending slump in just two months.

But despite the slip in March, numbers are still far higher than seen in recent years. The lending statistics show in July 2012, nearly 20,000 fewer mortgages were...

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Sting making millions on property sales

The Police star recently sold a house in Green Park for £7.5 million, and now he has put his nine-bedroom mansion over looking St James's Park on the market for more than £20 million, according to The Sun newspaper. The publication reports Sting and his wife Trudie Styler bought the expansive property for around £5.7 million in 2003, so he is set to make around £15 million profit. The couple is now mainly based in New York. Full story about Sting making millions on property sales via Sting making millions on property sales | Showbiz | News | Daily Express....
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Billy Connolly’s £2.75m baronial Scots home sold

BILLY Connolly has sold his Scottish mansion and estate for almost £3 million. The comedian and his wife, Pamela Stephenson, have parted with Candacraig House, the baronial home in Aberdeenshire they bought in 1998. Connolly, commonly known as the Big Yin, used the property as a Highland retreat and often hosted famous guests there including Robin Williams, Steve Martin and Ewan McGregor. The 12-bedroom property in Strathdon is set in 14 acres of grounds and includes a walled garden and a croquet lawn. The 17th-century house and surrounding estate was put up for sale last September and advertised by estate agents Savills for offers over £2.75 million. A buyer has now been found and a sale was concluded last month. The new owner wishes to remain anonymous. A source said:...
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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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More than 7,000 homes sold under guarantee scheme

Some 7,313 homes have been sold so far under the Help to Buy mortgage guarantee scheme, the Treasury says. The figures are the first comprehensive measure of the scheme since it was launched late last year. The numbers from the Treasury also show that 80% of the properties sold went to first-time buyers. The majority of sales were outside London, which will help the government to argue that Help to Buy has not had a major effect on house prices. Just 5% of sales under the mortgage guarantee scheme were in the capital, where prices have soared, and 14% in the South East. The mortgage guarantee scheme is separate from the equity loan part of Help to Buy, which began in England 13 months ago. Scotland and Wales have...
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Northern Ireland leads growth in Q1 house purchase lending

Gross lending in Northern Ireland for house purchases increased by 41% to £240m in quarter one year-on-year, statistics from the Council of Mortgage Lenders has shown. Growth in England was slightly behind with a 38% uplift in the value of lending for house purchases worth £21.35bn in quarter one, with lending in Greater London accounting for £5.6bn. Scotland and Wales both saw a 31% year-on-year rise in house purchase lending; with £1.47bn and £640m of loans advanced in Q1 respectively. England saw the biggest rise in first-time buyer lending in Q1 of £8.6bn with a 50% increase year-on-year. Scotland followed with £580m of lending representing a 45% increase, Northern Ireland with £130m of first-time buyer lending, a 44% rise and Wales with £260m, a 37% increase. Read the full article via Northern Ireland leads...
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Mortgage approvals for house purchases fell in April

UK mortgage approvals declined for the third straight month in April to an eight-month low, as lending for property purchases moderated, data from the British Bankers Association showed Tuesday. Mortgage approvals for house purchases fell to 42,173 in April from 45,045 in March. Approvals were below the expected level of 45,100. The latest figure was the lowest since last August, when approvals totalled 39,597. Mortgage assistance schemes helped first-time buyers and housing chains generally through the late months of last year. Since the turn of the year, approvals numbers have moderated. Howard Archer, chief UK economist at IHS Global Insight, said the data suggests that the introduction of new regulations under the Mortgage Market Review has at least temporarily taken some of the steam out of housing market activity. Article courtesy of   Read more