IBF shows housing market remains at stabilisation stage
No, think about it
Not necessarily if demand is increasing more than the supply and the overall numbers are still very small. Also the price mechansim is very slow to react.
The above doesnt say anything about prices
It does say something about Volume
Average loan is up 0.4% yoy
ibf.ie/Libraries/Research_St … .sflb.ashx
This is on the New at One now.
and prices are up 10-12%. hmmmmmm
That’s a significant increase in Q3 drawdowns but what the report does not mention is that the volume and value of mortgage lending in the first three quarters is still down on the same period in 2012. So unless there is a similar surge in drawdowns in Q4 as happened in Q4 last year (when €1bn of the €2.6bn for the year was issued) it is now looking increasingly likely that total lending for 2013 will be down on 2012.
Oh Dear God no.
Hand me the eye bleach please !
Just to get the cost of the banking crisis into perspective. 64bn (which is probably an underestimation), 25 years of mortgage lending at this rate. Wow!!
But the demand isn’t increasing to match the increase in supply.
Think we also need to take account that a good chunk of this supply isn’t actually for sale and is only on the market to buy time with the banks.
Times are running with
‘Empty nesters’ should be encouraged to trade down
Property tax is the obvious way to do it.
This has been the subject of numerous posts and opinions here in the past.
Anyway - how would this property tax work - a sort of an inverse Poll Tax in that the less people there are in a house the more tax they pay … the less persons per square meter of space …or is it to be the longer you live the more tax you pay?
Expand and Explain!
They don’t break the figure down by SCD, Dublin or any enclave of Dublin.
Why not getting those who are not paying their mortgages to trade down.
I can’t believe there are not 1000 houses in SCD where the are arrears of greater than 1 year.
You might get a situation where PAYE workers could afford houses above their station… society would break down.
We could turn Ballymun into a debtor’s village and re-home all the displaced social housing tenants in Ballsbridge.
The beauty of this plan is that the nouveau-Ballymunners would put down roots and gentrify the place with glass box extensions and the suchlike, thus raising the average quality of housing stock in the capital.
Want a big garden in an urban area?
Pay for your wasteful utility of valuable land.
The long term salvaging of the mortgage arrears crisis is predicated on house price rises. The central bank considers a mortgage “viable” as long as it is in positive equity regardless of ability to meet full repayments. Who cares if it cannot be serviced? Sure it can always be sold at some point. The more prices rise, the more mortgages can be considered viable. It’s the non-viable ones where you’ll see repossessions or “voluntary” sales. The banks want as little of this as possible, it’s messy, it’s bad publicity and it can cost a lot of money. Who do the IBF represent?