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The Viewing: Your vital round-up of property news from the week

Everything you need to know in one quick guided tour.
Nov 13th 2014, 3:35 PM 3,862 0

for sale sign Source: Sam Boal/Photocall

THERE HAS BEEN quite a bit of good news this week in the property market.

The building trade, one of the major victims of the downturn, has seen a jump in growth.

There has also been more optimistic news for house buyers – with AIB reporting an upsurge in the number of mortgages they’ve been giving out.

Here’s everything you need to know from the last week in property…

The Big Movers

Construction on the up

After many years in the wilderness – it seems the construction industry is making a comeback. This week it recorded its fastest hike in new business for a decade. According to Ulster Bank’s construction purchasing managers’ index, the industry has seen its biggest rise in activity since November 2004.

employment graph Figures above the 50-point line indicate growth, below the line means employment is shrinking. Source: Bank construction PMI

The industry had previously shrunk from 274,000 in 2007 to only 100,000 in 2012 according to CSO figures.

More mortgages – fewer people in arrears 

On Monday, a management statement from AIB showed that the bank was giving out more mortgages – and that less of their customers were in arrears.

The statement from the bank showed a significant reduction in the level of drawdowns in October compared with September.

david duffy CEO of AIB David Duffy Source: Sam Boal/Photocall

Speaking about the third quarter, CEO of AIB David Duffy said the company is meeting its strategic goals and wants to generate a return for the State.

“The bank is profitable, generating capital and has the capacity and appetite to meet increased lending demand in the economy.

Is it really 20%? 

Remember that whole thing about having to stump up a fifth of a house’s value as a deposit? Well that might not be as solid as it first seemed. This week, governor of the Central Bank Patrick Honohan, indicated that there may be ways around this condition.

In a speech he made to the Money Advice and Budgeting Service (MABS), Honohan outlined the possibility of mortgage insurance, which would see potential buyers put down a deposit of 10% if the other 10% was covered by an insurance company.

shutterstock_212831692 Source: money via shutterstock

Honohan pointed out that this was a system that had been used in the United States for over 100 years.

Under construction

Des res

This week’s dream property is a $42 million three-storey penthouse in New York’s Lincoln Centre. The apartment has 360 degree views of the New York skyline and is in a building with an around-the-clock doorman, security staff and concierge.

And finally…

When it comes to design, it seems that architects are willing to look far and wide for ideas. For renowned, and at times controversial, architect Frank Gehry – inspiration for the the Dr Chau Chak wing building at the University of Technology Sydney seems to have come from a crumpled paper bag.

Read: People will pay more to live near a school (regardless of how good it is)

Also: Want to own this castle on a Waterford island? Ask for a discount, it’s (supposedly) haunted

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Michael Sheils McNamee

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