Home > Property > Over 70% of Irish have issue with Central Bank’s mortgage lending rules

Over 70% of Irish have issue with Central Bank’s mortgage lending rules

Written by Robert McHugh, on 7th Mar 2016. Posted in Property

article headline

Research released today by Royal London shows that over 70% of people believe that the Central Bank’s mortgage lending rules should be changed or scrapped.
 
Royal London commissioned a survey on the topic, which was conducted by IReach, of 1,000 people throughout the country.

The survey results illustrated that general support exists for the Central Bank’s lending rules. However, the majority of respondents feel that some fine tuning of the measures is definitely needed, with 48% suggesting that there should be some relaxation for first time buyers. 
 
Over half (59%) of all of the respondents believe that some changes and augmentation of the rules is needed, with a further 12% feeling that they should be scrapped altogether.
 
A relaxing of the rules for first time buyers in expensive areas was favoured by respondents from Dublin (23%) in comparison to those anywhere else in the country. 
 
Joe Charles of Royal London commented, "The overall impact on the market of the Central Bank rules has yet to be fully determined, though the most recent data show that mortgage approvals fell by 15%. First time buyers’ mortgage approvals fell by 23%.

"Prices are also rising, with house prices up 7.5%. So whether there’s an actual causation between the tightening of mortgage lending rules and these market changes remains to be fully analysed in-depth, there’s no doubt it’s a very challenging place to be for those looking to purchase a home."

Source: www.businessworld.ie  

About us

More articles from Property

image Description

Planning permission granted for 426 new homes in Wicklow

Read more
image Description

Irish home completions hit a decade high

Read more
image Description

Ulster Bank introduces lowest mortgage rate in Ireland

Read more
image Description

Major Dublin office development on the market for €168m

Read more
image Description

2020 property market should remain stable

Read more