MORTGAGE RESTRICTIONS MAY
INHIBIT NAMA PROPERTY SALES
NAMA has recently stated that €4 billion in asset sales needs to be approved this year and next, bringing total approved sales to €9 billion, if the agency is to repay the IMF/EU target of €7.5 billion - a quarter of its debts - by the end of 2013.
In what might be seen as initially hopeful news for NAMA property sales, a recent Daft.ie survey of over 2,000 people claims that that more than 12% of potential house buyers want to buy a house or apartment in the immediate future, with a further 25% hoping to buy a
property within the next 12 months.
Of the 2,000 people interviewed, over 55% were currently renting, 25% occupied their own house, (repaying a mortgage), 7.4% were in the lucky position of owning their house or apartment outright (with no mortgage left to pay), and 0.6% of poll respondents were living in social housing.
50% of potential buyers believed house prices will fall by a further 5% to 15% during 2012.
However, a newly issued report from Goodbody Stockbrokers says that,in their opinion, although property prices have now hit bottom, they could remain there for years, due to current mortgage lending restrictions, adding that a key ingredient for any recovery in the Irish property market was credit availability .
The Goodbody report says the average price of houses and apartments is now as low as € 100,000, which is just a third of the average price properties sold for during the boom.
The Goodbody survey uses the prices achieved by the Allsop Space distressed property auctions.
The report said that mortgage lending approvals in 2011 matched levels last seen in 1971.
This summary is based on recent articles in the Irish Times and Irish Independent newspapers and on the Daft.ie website .
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