Housing crisis deepens as HAP properties remain scarce across Ireland

Housing crisis deepens as HAP properties remain scarce across Ireland

A new Simon Communities report reveals severe shortages in Housing Assistance Payment (HAP) accommodation across Ireland, with several major urban centers reporting zero available properties within HAP limits. The December 2023 “Locked Out of the Market” study found only 46 properties available within discretionary HAP rates across 16 surveyed areas, marking a modest 10% increase … Read more

Housing completions drop 6.7% in 2024, missing Irish govt targets

Housing completions drop 6.7% in 2024, missing Irish govt targets

A total of 30,330 homes were completed in 2024, marking a 6.7 per cent decrease from 2023, according to the Central Statistics Office (CSO). The latest figures reveal that 8,763 apartments were built last year, representing a sharp 24 per cent drop compared to the previous year. Single dwellings also saw a decline, with 5,367 … Read more

Irish mortgage rates to drop below 3% by year-end, but savers face lower returns

Irish mortgage rates to drop below 3% by year-end, but savers face lower returns

Mortgage rates in Ireland are set to fall below 3 per cent by the end of the year, bringing relief to homebuyers, Irish Independent reported. However, savers have been warned of a downside to the declining rates, as returns on savings accounts are expected to drop significantly in the coming months. The latest figures from … Read more

Dublin housing projects' costs soar €40M over budget, sparking council scrutiny

Dublin housing projects’ costs soar €40M over budget, sparking council scrutiny

A government audit has revealed significant cost overruns totaling €39.4 million across four Dublin City Council “rapid-build” housing projects, prompting demands for accountability from local councillors. Key findings from the audit: Original combined budget of €88.5M rose to €127.5M Projects delivered 263 homes across four locations Consultancy fees exceeded original estimates by up to 93% … Read more

Average mortgage loan surpasses €300,000 as property prices climb

Average mortgage loan surpasses €300,000 as property prices climb

The average mortgage loan for house purchases exceeded €300,000 for the first time last year, according to MyHome.ie’s latest quarterly report. In the third quarter of 2024, the average residential mortgage loan stood at €308,200, marking a 7 per cent increase compared to the same period in 2023. October saw a further rise, with average … Read more

Housing scheme to cost state €372m with no long-term ownership

The State faces a €372 million bill over 25 years for social housing that will ultimately return to private investors under the Enhanced Leasing Scheme. Launched in 2018, the scheme has delivered between 558 and 669 homes, according to varying figures from the Department of Housing and local councils. Investors receive up to 95% of … Read more

Unprecedented demand: Over 4,600 applications for 195 cost-rental homes in Dublin's Shankill

Unprecedented demand: Over 4,600 applications for 195 cost-rental homes in Dublin’s Shankill

A staggering 4,608 applications were submitted for just 195 cost-rental apartments in a new development at Shanganagh Castle in Dublin’s Shankill. The Land Development Agency (LDA) opened applications for the apartments last week, and demand far exceeded availability. Of the total applications, just over 2,200 met the eligibility criteria for the scheme. A lottery will … Read more

average mortgage value

Average mortgage value for first-time buyers reaches high of almost €290,000, new data shows

The average mortgage value for first-time buyers has reached a record level of just under €290,000, according to new figures from Banking and Payments Federation Ireland (BPFI). This marks the highest value recorded since BPFI began tracking this data in 2003, underscoring the rising financial challenges for those entering the property market. Similarly, home mover … Read more

Irish property prices overvalued by up to 10%, ESRI report reveals

Irish property prices overvalued by up to 10%, ESRI report reveals

Irish property prices are currently overvalued by 8 to 10 percent, the Economic and Social Research Institute (ESRI) said in its latest Quarterly Economic Commentary. The institute’s analysis considered various factors, including housing prices, disposable incomes, interest rates, housing supply, and the proportion of the population aged 25 to 44—the key demographic for homebuyers. The … Read more

Housing completions in Ireland lag behind 2023 levels despite govt targets

Housing completions in Ireland lag behind 2023 levels despite govt targets

The number of homes built in Ireland so far this year is slightly below last year’s figures, according to the Central Statistics Office (CSO). Between January and September 2024, a total of 21,634 houses and apartments were completed, compared to 22,325 during the same period in 2023. These figures align with forecasts from the Economic … Read more

ICS Mortgages launches new Housing Bridge Loan product in boost to second-hand home market

ICS Mortgages launches new Housing Bridge Loan product in boost to second-hand home market

ICS Mortgages has introduced its new Housing Bridge Loan product, a flexible short-term financing solution aimed at homebuyers and investors looking to purchase property in Ireland. This product is designed to provide temporary financial support, making it easier for individuals to navigate property transactions in a competitive market. The mortgage provider stated that its Housing … Read more

Around 62,000 homes needed every year to address housing issue in Ireland, says report

Around 62,000 homes needed every year to address housing issue in Ireland, says report

As many as 62,000 homes will be required each year to address the housing demand in Ireland in the short term, according to a new analysis. This figure is significantly higher than previous estimates and highlights the urgent need for increased housing supply. According to estate agents Sherry Fitzgerald, average housing demand will hover around … Read more

Housing market surge: asking prices up 7.5% nationwide

Housing market surge: asking prices up 7.5% nationwide

A new report reveals that national housing asking prices have risen by 7.5% over the past year, marking the highest annual inflation rate in two years. The latest house price survey, conducted by MyHome.ie in partnership with Bank of Ireland, highlights growing pressure on Ireland’s housing market. The report found that 14% of homes listed … Read more

Surge in Vacant Property Refurbishment grants in Cork County

Surge in Vacant Property Refurbishment grants in Cork County

Cork County Sees Significant Uptick in Vacant Property Refurbishment Grants Cork County is witnessing a remarkable increase in the approval of Vacant Property Refurbishment Grants. To date, 478 applications have been approved, with 76 of those approvals occurring in the second quarter of 2024 alone. According to Irishindependent, the grant, provided by the Department of … Read more