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Archive for the ‘House prices in Wicklow’ Category

House price index (Permanent TSB/ESRI)

Quarter 1, 2010 – Permanent TSB/ESRI Index crashes 10.3% for Dublin

Today sees the publication of the first Permanent TSB/ESRI QUARTERLY house price index which replaces the old monthly index which was suspended following publication of the December 2009 index because of thin sales. The index published today tells us that the price of residential property has fallen by 4.8% since the end of December 2009 to the end of March 2010, ie an average monthly fall of 1.6%. The indication is that the pace of price falls is easing overall. The average price of a property nationwide is now €204,830. However prices in Dublin crashed 10.3% in the quarter which is worse than the 7.5% fall in Q4, 2009.

The National House Price index stood at 91.0 at the end of March 2010. The last time it was at this level was in November, 2002  when it stood at 91.2. The following shows the index since June 1999 at the end of each quarter (Mar, Jun, Sep, Dec).

The Dublin House Price index stood at 83.0 at the end of March 2010. The last time it was at this level was in June, 2002 when it stood at 83.3. The following shows the index since June 1999 at the end of each quarter (Mar, Jun, Sep, Dec). The average price of a property in Dublin is now €250,872.

The Outside Dublin House Price index stood at 95.9 at the end of March 2010. The last time it was at this level was in March, 2003 when it stood at 96.3. The following shows the index since June 1999 at the end of each quarter (Mar, Jun, Sep, Dec). The average price of a property is now €183,309.

So the key questions : are prices still falling? We don’t know by month but it is certainly the case that prices have continued to fall since December 2009 and the rate of fall between Sep-Dec 2009 (quarter) was 8.5% compared with a fall between Dec 2009 and March 2010 (quarter) of 4.8%.

source http://namawinelake.wordpress.com/2010/04/30/quarter-1-2010-permanent-tsbesr-index-crashes-10-3-for-dublin/

Irish Life Mortgage’s

Opposition parties have sought an assurance from the Government that other banks will not follow the lead of Permanent TSB if it puts up its variable mortgage interest rates.

Finance Minister Brian Lenihan said that no Minister for Finance since the foundation of the State had come into the Dáil and announced what mortgage interest rates would be.

He also pointed out that Permanent TSB had not applied to come under NAMA, nor had it sought any recapitalisation from the State.

Mr Lenihan added that Permanent TSB had paid for the benefit of the State 


and said the bank was in a difficult situation with historically low interest rates.

source http://www.rte.ie/business/2010/0128/mortgage.html

Lenihan again, cops out!

 Has he forgotten that is the Governments guarantees ,that keeps this corrupt financial Toxic Bank Afloat?

All he has to do is make a phone call, but for 70 thousand family’s,

 The sad news is,                                           

You’re not worth it!

How to win a referendum:

Scaremongering but who’s doing it?

Finance Minister Brian Lenihan also warned yesterday that if Irish voters snubbed the treaty the result would “shatter international confidence” and lead to continued scarcity of funding and increased borrowing costs.(Looking for a yes vote)

A ‘No’ vote in next month’s lisbon Treaty  referendum could result in the interest bill on Ireland’s national debt jumping by up to €900m a year according to Indecon
Looking for a Yes vote )

A NO vote in the upcoming Lisbon Treaty referendum would represent a “spiritual withdrawal”, from Europe, Minister for Finance Brian Lenihan has warned. (Looking for a Yes vote)

A Yes vote in the referendum would earn Ireland the continued goodwill and support of the EU in tackling the banking crisis, he added.

Mr Gormley “It would be entirely counterproductive to vote “The whole emphasis in terms of the European recovery is a green recovery [which can provide] jobs, jobs, jobs.” Echoing the sentiments of other pro-Lisbon political leaders, “It would be a huge mistake to focus on national issues when this is a campaign to get us out of recession,” he said. (Looking for a yes vote)

How to win a referendum:

1. On top of high VRT, introduce a Green (Party) carbon tax, and just to be on the safe side, impose a €200 a year work parking tax, just for daring to have a job!

2. Make the citizens vote a second time, even though they said No – but make sure you don’t change the wording.

3. Have on the Yes side a millionaire car salesman, like Bill Cullen, who opposed changes to the infamous VRT, and is the biggest over priced merchant for  the Renault spear parts in the country(Nice one Bill!)


4 . Have Ryanair on the Government side, who are best known for their F-Service , saying there are a millions reasons to vote Yes (excluding taxes and charges), and (Baggage charges Now approaching 100 euro per bag) then have the same Government introduce a €10 travel tax, contrary to EU law of freedom of movement between member-states.

5 . In case the European Central Bank doesn’t hype up mortgage rates any time soon, re-introduce water rates and a property tax on every family home in Ireland, while at the same time making taxpayers bail out the bankers and the builders.

6 . Make sure Brian Cowen leads the Yes campaign.

7 . Have crooks running FAS

8 . Have people like John O’Donoghue become Ceann Comhairle in the Dail

9 . Create Toxic Banks to help your buddies in the Banks and the Building


10 . Keep corrupt Politicians in places of power

11 .TAX the Sh*** out of the ordinary people

12 Tell them you are going to crucify them in the coming December Budget

13. Make a complete mess of the Economy, and blame it on the ordinary people

For having paid extortion prices for their own homes

14. Put a Tax on those homes, let say 1000 Euro on average for every home in

The land

15 .when you hold a referendum keep going back to the people until you get the right result (the one you want)

16 .
Keep corrupt Bankers in their High paying Jobs at Bankrupt Banks

17. Allow these same Banks (Now with Government appointed Directors) to

Overcharge their own customers, and then, clam that it was a computer error when found out.

18. Allow dodgy Building Developers stroll into the courts of the land and present fantasy valuations as a means to dance around The Supreme Court rulings

When 80 families are turned out, and lose their overpriced homes every week, sold to them by these developers in the first place

19 . Make it blatantly obvious, that there is one law for the rich, and another law for the poor in this country

20. Tell everyone that NAMA is the only game in town and we the people must pay the gambling debts of the super rich of the country.

That should do it!




NAMA up-date



Up to 25 bank directors will be forced out under the NAMA deal.

The Cabinet yesterday signed off on the latest draft of the laws to bring in the Government’s ‘bad bank’.

Ministers agreed on a way of sharing the risk between the banks and the taxpayer.

It includes a form of delayed payment to the institutions for their toxic loans. In a significant departure, Fianna Fail last night allowed the Greens to take credit for the changes to the NAMA bill.

Part of the package of measures to reassure the public is the removal of the remaining directors from bank boards, as revealed in the Irish Independent yesterday. The Greens’ demand on the introduction of new bank board’s was agreed in principle by ministers, but precisely how it will be done has still to be worked out. Communications Minister Eamon Ryan stressed that the removal of the directors would be “an orderly changeover” over the course of two years.

All non-executive directors of the banks participating in NAMA will, if appointed prior to 2008, be required to step down. That will affect up to 25 bank directors in AIB, Bank of Ireland, EBS, Irish Nationwide and Anglo Irish Bank.

Irish Life and Permanent directors will not have to resign as it is highly unlikely to apply to be covered by NAMA.

Mr Ryan indicated the Greens pushed hard with their Fianna Fail counterparts to get their proposals included.

And he hinted that his party will play a greater part in the broader development of government policy from now on.

A large number of directors of the banks have remained in place since the crisis began last September, at the time of state bank guarantee.

Many of the non-executive directors command in excess of €100,000 for sitting on the board.

The Greens are also claiming credit for a windfall tax of 80pc, on profits gained from increases in land value due to re-zoning decisions, to discourage property speculation.

The party is also saying it is responsible for linking planning changes into the NAMA process and bringing in new rules governing corporate practice in the banks. The junior coalition partners were allowed, by Fianna Fail, to announce the changes. The party has a meeting with its grassroots members at the weekend to discuss the NAMA legislation.

The Greens being giving a free run is a sign Taoiseach Brian Cowen is conscious of the need to keep his partners onside to prevent the Government from collapsing.

The Greens’ ministers will offer the cull of directors, the reassurances to the taxpayer and the planning changes as a sweetener to members to back NAMA. The second draft of the NAMA legislation will be published today.


Officials are still working on rules to force the banks to lend money to businesses after NAMA takes the toxic development loans off their books.

Meanwhile, Fine Gael called on the Government to publish the “NAMA 1,500” — the people that will be beneficiaries of the NAMA plan, so the taxpayer can see who is being bailed out.

FG finance spokesman Richard Bruton said at its core NAMA is a “secretive, tax-funded, politically directed work-out process for 1,500 of the most powerful, well connected business people in Ireland“.

The IBOA also has called for sweeping changes to the make-up of bank boards as the finance union give a conditional support for the Government’s ‘bad bank’ plan.

– Fionnan Sheahan and Joe Brennan

Round one to the taxpayers

Well done Mr.
Chief Justice John Murray

The Irish Supreme Court rejected Liam Carroll’s last-ditch attempt to save his property empire

The ruling that could trigger a fire sale of his assets and puts a question mark over the Governments plan to rip off the tax payer by paying over the odds for Mr.Carroll’s worthless assets

The court’s decision to uphold an earlier ruling from the High Court means a receiver will give the job of off loading Carroll’s assets, from hotels to houses, in a knockdown sale that will drive down the market price of property before the government’s “bad bank” is up and running.

The Government had plans to transfer property loans with a nominal value of 90 billion Euros to a state-run “bad bank”

But “The Supreme court concluded that the petitioner had not established that its strategy for the orderly disposal of key assets of the company was credible or reasonably viable,” Chief Justice John Murray said in a written judgment.

The ordinary people of Ireland can justifiably to-night say a big thank you to the Supreme Court for demonstrating their independence and they can be proud in the knowledge that they did the country justice by not allowing a corrupt government and financial system rip off the people of Ireland

Carroll must face up to his own problems and pay his own debts and not expect the hard pressed people of Ireland to pay for his mistakes !

Irish Life & Permanent



Mr Brian COWEN and his pal Mr Brian LENIHAN should take a look across the water and see what the savvy Chancellor Alistair Darling  is doing with the British Banks, he is at least in the public eye making all the right noises calling the banks in and telling them off !

We here in Ireland are in a conundrum are we going to have strong Banks?or a strong 

economy ?

If so how do we achieve this without choking off any hope of an economic recovery, by squeezing every last penny out of the already squashed consumer?

The Government have made the decision to do just that!

By allowing the banks to fleece their customers they believe that the Banks will in no time at all have enough capital in their vaults and then they will start lending again out the business

So if you follow that logic you must ask yourself the question how many unemployed they think they will have to endure in the meantime.

Well a strong hint, by reducing the dole payment they think they will be able to pay for more unemployed people!

This government have lost the plot all together!

We are just getting resuscitated from the shock .5% Irish permanent mortgage hike when we now get the spin to accustom us for our own Irish Community Charge!

Along the way we will be given a water charge bill too!

so if you were to add up all the extra charges ,levies, surcharges ,A&E increased charges ,not to mention the next round of charges on 2nd homes ,increased Income taxes,it dosent leave much in our pockets!

I ask where do these genius think we the ordinary folk are going to get all this money especially when most of us will be on the dole?



The Happy Irish Government Family photo

The Happy Irish Government Family photo

Has managed to survive the worst ever economic downturn in the history of the state!

410.000 thousand Unemployed, (That is the ones they count) the loss of Ireland’s financial independence, the collapse of tax revenues

The collapse of all the Banks in the State!

The collapse of the building industry

The collapse of the car industry

The health services in a shambles

Public services cut to ribbons

They just closed down the Dail for the next 9 weeks and gone on Holidays

Tax’s on the up and up and more on the way

Did I forget anything?

Just think of the worst thing that can happen to the country and chances are with this crew in charge it will come to pass!

Talk 2 Joe


Irish radio stations are doing a good job for the Government!

With the right presenters in place they will continue to do so for years to come!

We here in Ireland have a habit of complaining about everything and anything on the air waves

I don’t know why, maybe because we think that by airing our grievances we think that we are doing something about them

It muss suite the ruling classes that we do this because the alternative would mean the end of their rule over us

I suppose we might get the idea to go out on to the streets and just make the changes we all seem to talk about all the time on these radio shows

These radio shows have their own guanos like the presenters have become superstars themselves and they also are in receipt of huge salaries

one of the was reputed to be receiving over 760,000:00 Euro a year now to put flesh on these bones that’s 3 Times the salary of the American President the most powerful man on the planet

The head of the HSE is receiving 500.000: Euro that is 2 Times the American Presidents salary

Should I go on I think not because I am depressed enough!

We must stop whinging over the air waves and take to the streets if we want to change anything in this country

All other avenues are in the hands of the ruling elite,

Is there a cosy circle in RTE?

Unless you have a Brother or Aunty or have Friends in there you won’t be able to get a job there

The current batch of presenters are paid way over the top for such a small country

But who will be brave enough and tell them over the air this?

Answer: You won’t get the chance!

178 jobs are to go

178 jobs are to go at electrical transformers components factory ABB in Waterford.

The company, which manufactures distribution transformers for the construction and utility markets in Ireland and the UK, will close its doors by the end of March 2010.

it was reported to-day

In a statement, the firm says it is closing because of ‘significantly lower orders and lack of potential business’.

ABB is a Swiss-Swedish-owned company and employs over 400 people at five different locations in Ireland.

The factory has been in operation in Waterford since 1951.

This is a major blow to the Waterford area and these jobs won’t be replaced anytime soon

With house prices falling and these workers now becoming unemployed I can’t see the construction industry coming back to life

This bad news will have a knock on effect expect to see more of these kind of headlines

Do you think the local TD’s and Ministers will be paying the mortgages of the newly arrivals on the dole queues

I know they will call for a task force to be set up and after a few months everybody will have forgotten all about these 178 people

That is why I call again for the unemployed to Unite and

Get active for yourself don’t wait for the local TD to spin you a yarn!

House prices

House prices in Dublin fell by 2.2 per cent last month, over the year, house prices fell by 14.8 per cent in Dublin. In the first five months of 2009 alone prices in Dublin declined 7.7 per cent and by 4.7 per cent elsewhere. This brings the average price of a house in the capital to €324,973 against €351,096 at the end of 2008.

Outside of Dublin, the average price declined from €233,984 in December to 213,491 in May. In the commuter county of Wicklow house prices have been hard hit, the average cost of purchasing a home fell to €252,811

Over the 12 months to the end of May, house prices fell by 17.6 per cent. Over the year, house prices for first-time buyers fell 17.4 per cent and in the first five months of 2009 were down 9.2 per cent.

I have a feeling that we are just at the beginning of this crash, we have a lot further to go because the country is so much poorer now and the prise rises of the last 10 years I believe will have to be given back.

 So expect to be able to buy Apartments in Dublin for 65K to 85K in a year or two and even then, they will still be more expensive that other major cities in Europe

Currently nobody can get a mortgage and even if you can most people will wait and put off that big decision until they are sure they are at the bottom of the market.

Another word for this is Deflation .Japan endured this for 10 years

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