800 mortgages issued a day!!

800 mortgages issued a day here :open_mouth:

rte.ie/business/2006/0906/mortgages.html

September 06, 2006 14:29
The number of mortgages taken out in Ireland is now running at 800 a day - a substantially higher number than previously estimated.

The figures come from a new detailed quarterly analysis of the mortgage market by the Irish Bankers Federation and PricewaterhouseCoopers.

The new research shows that first-time buyers account for over 21% of all residential mortgage funds advanced. A breakdown of loan volumes by category also confirms the existence of an active switching market with 13% of loans used for this purpose.

The report shows that the total value of mortgage loans issued in the six months to the end of June was €18.567 billion with €10.130 billion of new lending in the second quarter of 2006. The value of mortgage lending in the second quarter of the year was 20% more than the previous quarter and 20.6% up on the same time last year.

In the second quarter of 2006, a total of 53,449 mortgage loans were granted. These loans can be split into five groups - first-time buyers (17.6%), mover purchasers (21.7%), purchasers of residential investment properties (13.3%), re-mortgages (13%) and top-up mortgages (34.4%).

The report points out that while forming the largest proportion in terms of numbers, top-up mortgages are the smallest of the loan categories in terms of value.

It also reveals that highest average loans are for residential investment properties and mover purchasers.

Borrowers investing in residential investment property have the highest average loan size at €270,657, while as would be expected, the lowest average loan size is in the top-category at €89,007.

— ends —

So, some statistics to chew over then, here we go;

53,499 mortgages issued in Q2 2006. Which break down as into groups as follows;

1st time … 17.6% = 9,415.824 units

Mover … 21.7% = 11,609.283 units

Investors … 13.3% = 7,115.367 units

Re-mortgage … 13.0% = 6,954.87 units

Top up … 34.4% = 18,403.656 units

Now, we’re only interested in the properties sold, so lets remove the remortgage and top ups, leaves us with 28,148 properties sold with an approved mortgage in Q2.

So, looking at declared property sales with approved mortgages, based on these figures

33% are to those who declared themselves as “first timersâ€

Thats approx, 375,000 investment properties ( Ireland stock is around 1.5 milli0on)

The PRTB have approx 90,000 registered properties, that means,

approx 285,000 properties are being let unregistered & possibly undeclared as income to the Revenue.

Nice Black market if you can get into it eh…

So 285,000 x *avg rent of 10800 (a quick guess, 900 pm x 12)

= €3078000000 potentially undeclared taxable INCOME.

I wonder should we give the Revenue a call?

As concerned citizens I believe we should … :smiling_imp:

Blue Horseshoe

Well the only was is an active3 citizen empowered lobby group, and I have an idea…