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First-time buyers forced to borrow thousands of euro more to secure a home as house prices surge

Rising house prices are forcing first-time buyers to borrow more to afford a home.

There was an increase in the ­number of first-time buyers approved for a ­mortgage in January despite a fall in the overall home-lending market.

The average first-time buyer mortgage approval value has also risen by €14,519 in the past year to €289,971 as housing prices continue to rise, the ­Banking and Payments Federation Ireland (BPFI) said.

The median price of a dwelling ­purchased in the 12 months to last ­December was €327,500, separate Central Statistics Office (CSO) figures show.

Read the full details in the Irish Independent

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

 

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Lack of homes available outside Dublin continues to drive up rents nationwide

A lack of properties outside Dublin is continuing to push up rents, even as things stabilise in the capital, with rental stock only a third of where it needs to be.

Prices for new rentals across the country rose by an average of 1.8pc between July and September, compared with the second quarter of the year, and were up 8pc compared with a year ago, the latest report by property website Daft.ie shows.

While 8pc marks the lowest rate of annual inflation in two years – in 2021, rents were rising at almost double that – areas outside Dublin are still facing double-digit hikes.

Sitting tenants have faced much smaller increases of around 3.8pc in the year to mid-2023. The Daft.ie report covers only new rentals.

Read the full details in the Irish Independent.

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

 

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Rapid-build technologies to facilitate delivery of 1,800 social homes

New rapid-build, prefabricated technologies will be used to deliver approximately 1,800 social homes over the next two years as the Department of Housing targets more innovative construction processes to break the housing logjam.

The department believes the use of more innovative building techniques, such as modular housing, can speed up delivery times and reduce costs while creating more energy-efficient homes.

As part of its latest Housing for All update on Tuesday, it published a “Roadmap for increased adoption of modern methods of construction in public housing delivery”.

“Modern methods of construction” is an umbrella term for a range of new and innovative construction techniques. The private sector construction industry here already uses prefabricated timber frames in about 48 per cent of new homes.

Read the full details in the Irish Times.

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

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Mortgage holders could be hit with a bumper rate rise – the seventh increase since last summer

Homeowners could be facing another European rate rise this week.

The European Central Bank (ECB) is expected to push up its lending rates by at least 0.25 percentage points tomorrow, with some economists now warning of a 0.5 percentage point rate hike.

Such a move would cost those on trackers and variable rates thousands of extra euro in repayments, and push up the cost of new fixed rates for new home buyers.

A 0.5 percentage point rise would mean an extra €390 a year for a typical tracker customer with 11 years of repayments left.

Read the full details in the Irish Independent

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

 

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State support schemes like ‘rocket-fuel’ for first-time buyers who can shave up to €100,000 off borrowing costs

Savvy first-time buyers are managing to knock up to €100,000 off what they have to borrow for new homes by combining two State support schemes.

Buyers who avail of both the new First Home shared equity scheme, along with the Help-To-Buy tax refund, are managing to buy €320,000 homes with mortgages of just €240,000.

One commentator said this was acting like “rocket-fuel” to propel people on to the property market. But it may also be fuelling continued rising house prices.

The €400m First Home Scheme was launched last July, and provides funding for first-time buyers, people who have been divorced, those who have been declared insolvent to buy a new home.

Read the full details in the Irish Independent

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

 

 

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Mortgage rates fall in Ireland, bucking trend across the Eurozone

 
MORTGAGE interest rates in this country fell in May, bucking the trend in a number of European countries.

And the gap between rates in Ireland and the rest of Europe has closed over the past few months.

But rates here are still among the highest in the 19 countries that make up the Eurozone.

And interest rates are set to rise across the currency zone next week when the European Central Bank hikes its lending rates for the first time in more than a decade.

Read the full details at Irish Independent

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

 

 

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Property prices defy cost-of-living squeeze to rise 15.2%

Rising cost-of-living issues failed to dampen Irish property prices, which hit a seven-year high in March, with prices 15.2 per cent higher than a year earlier. That was fractionally ahead of the February rate of 15.1 per cent, a figure that was revised down from an originally announced 15.3 per cent.

Properties outside Dublin saw the most dramatic increase, with house prices 17.3 per cent up on the year and apartments costing 17.6 per cent more, according to the Central Statistics Office’s residential property price index.

The Border region featured the fastest growth, with properties costing 25.1 per cent more than in March 2021. The Mid-East region saw the lowest increase outside the capital, at 15.2 per cent.

Read the full details at Irish Times

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

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Landlords Take Note: Tenancies Must Now be Registered Annually with the RT

New legislation commencing today requires landlords to register their tenancies with the RTB every year, within one month of the anniversary of when the tenancy began.

Annual registration allows the RTB to gather more accurate and detailed tenancy and rent data, ensuring more effective regulation of the rental sector.

RTB has developed online resources to support landlords, Approved Housing Bodies and property professionals during this transition.

Read the full details at RTB

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

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Concerns rise on viability in building sector

Concerns around the viability of many construction projects in Ireland are increasing due to rising materials costs and staff shortages and, now, the impact of war, according to the Society of Chartered Surveyors in Ireland (SCSI).

Respondents to an industry survey carried out by SCSI identified the viability of projects as the main issue contributing to difficulties in raising development finance in the current environment.

Read the full details in the Irish Independent

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.

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Labour and material shortage may impact retrofit scheme

The Government’s push to get hundreds of thousands of homes retrofitted has become more urgent, as the cost of fuel rises and the clock ticks down on climate action targets.

It is working on boosting demand for retrofitting and a new package of supports for householders is expected in the next few days.

However, supply of both materials and workers could become an issue if demand takes off.

The Sustainable Energy Authority of Ireland estimates 17,000 workers will be needed for the planned programme of retrofitting 500,000 homes by 2030.

Read the full details in the RTE NEWS

If it’s a Structural Survey Report (Building Survey Report, House Survey Report, Home Survey  Report, Property Survey Report, Condition Survey, Commercial Survey or Land Survey, ABL Surveyors are a firm of Chartered Building Surveyors with vast experience who will provide a professional, cost effective and efficient service to all our clients. Each inspection is carried out by a Chartered Building Surveyor (Building Surveyor, Home Surveyor, House Surveyor, Property Surveyor, or Land Surveyor) who has vast experience in their relevant field of Surveying.

We have offices in Navan, Dundalk and Dublin and also cover the surrounding counties and will travel nationwide if required.

ABL Surveyors are a member of the Society of Chartered Surveyors Ireland and holds full professional indemnity insurance cover.

In the event that you require any of these services, ABL Surveyors are the right choice for you so please contact us for a quote.