Home Brokers

The ERSI have launched a paper which estimates 196,000 borrowers will be in negative equity by the end of 2010.

http://www.homebrokers.ie/blog/wp-content/uploads/2010/03/ESRI-Negative-Equity-in-the-Irish-Housing-Market-March-2010.pdf

It is high time that purchasers who are contracted to buy property off plans, can’t complete and are subsequently facing legal action for non performance pull their heads out of the sand! This problem is not going to go away. Despite what your solicitor advises you the worst thing you can do is sit and wait. Developers are facing increasing pressure from their banks and when faced with the decision as to who to pursue through the courts they have no choice but to start with those purchasers who have failed to engage. By the way – engagement is not a letter from a solicitor saying that your broke and cannot complete! It means coming up with a series of strategic solutions which when exhausted will leave both the purchaser and the developer far better informed regarding how viable legal action is.  Few developers are interested in moral victories – they just want cash, the sooner the better and in most cases any reasonable offer won’t be refused.

http://www.homebrokers.ie/blog/wp-content/uploads/2010/03/Weekly-Invest-News-080310.pdf

Bank of England has has the base rate at 0.5%  for the 12 month in a row.

No such luck for Irish mortgages holders with AIB who announced yesterday a rate increase was unavoidable.

http://www.irishtimes.com/newspaper/ireland/2010/0304/1224265559360.html

We found this very useful report suppplied by Irish Property Watch (IPW)

This report is over the period, from the 2010-02-13 to the 2010-02-27.

The drops per day was 175 down from 216.

There were 2,444 drops and the average drop was €41,763 .
Over the same period there were 118 increases and the average increase was €29,053

The 2,444 properties reduced the price by just over €102.1 million in total.

The 118 properties raised their price by just under €3.4 million in total.

You can See the Report by clicking here

IPW also report on rental statistics:

This report is over the period, from the 2010-02-07 to the 2010-02-21.

The drops per day was 133 down from 148 last report.

There were 1,866 drops and the average drop was €71 .
Over the same period there were 215 increases and the average increase was €147

The average rent was on 2010-02-21 was €794 down from €803 on the 2010-02-07

Please click here for the full report.

MyHome.ie sees threefold increase in the number of ‘sale agreed’ properties in Dublin during the month of January 2010 compared with the same month last year

New data from MyHome.ie, Ireland’s leading property website, has shown a three fold increase in the number of ‘Sale Agreed’ second hand residential properties in January 2010 compared with the same month last year.  An analysis of MyHome.ie’s data has seen a consistent month on month increase in the numbers of Sale Agreed second hand residential properties since September of last year, which supports empirical evidence of a pick up in the residential market particularly since the start of the New Year.

Since September 2009, MyHome.ie has seen progressive month on month increases nationwide in the number of properties registered as’ Sale Agreed’.  This trend goes against the traditional seasonal selling cycle that would normally be seen in the market of residential properties for sale.  December showed a marked increase, showing the highest number of sale agreed properties per month in 2009.  It is likely that this increase was fuelled by market certainty and confidence brought by the publication of the December budget.

According to the MyHome.ie data, sale agreed properties in Dublin increased by over 300% with 658 properties reaching sale agreed status compared with just over 200 in the same month last year.  Sale agreed properties in Leinster also increased by a similar percentage during the same period.  MyHome.ie is also seeing similar trends in Counties Kildare, Wicklow and Meath.

The increase in the level of sale agreed properties is consistent with an overall increase in visits to the MyHome.ie website, with almost 40 million page views in January, 2010 representing an increase of approximately 20% on the same month last year.   Since September 2009, there has also been an increase of over 50% in the level of enquiries being made through the site to estate agents.

To date, the month of February is already showing twice as many Sale Agreed properties in Dublin when compared with the same month last year, with just over half of the month completed.   An analysis of the data on the site also suggests that the level of stock ‘overhang’ is reducing in a number of areas.

Speaking about the release of the data, Angela Keegan, Managing Director, MyHome.ie, said “It’s encouraging that we’re seeing consistently higher levels of activity on our website, as we believe it’s an indication of a pick up in second hand house market throughout the country, and we’re hopeful that this trend will continue. The levels of activity have been trending upwards since September, 2009 with a marked increase in activity during December which showed the highest number of sale agreed properties per month in 2009.  It is likely that this increase was fuelled by market certainty and confidence brought by the publication of the December budget.”

Sale Agreed second hand properties for Dublin and Leinster September 2009 to January 2010