On the basis that affordability and availability of new homes are the key drivers for buyers, new policy measures to stimulate both these requirements are aimed at getting the market moving again.
Good news for buyers and developers then?
A lot of the good news has been targeted on the demand side, ie. towards first time buyers, who from January 1st can avail of an increased loan to value ratio of 90 per cent for both new and second hand homes. The upshot is that a buyer of a €400,000 new home who previously needed a €58,000 deposit, from January 1st will need a deposit of just €40,000. A further requirement is that the loan should not exceed 3.5 times the buyer’s gross annual income, although greater latitude has been extended to the banks to allow for more discretionary approvals. From January, the Central Bank has amended its rule on allowances to allow banks to offer Loan-to-Values of more than 80 per cent to 20 per cent of second-time buyers. This means that one in five of those trading up will not need a 20 per cent deposit – a significant improvement that applies to both first-time buyers and those trading up.
Read the full details in the Irish Times
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