52000 Homes Needed in Ireland Each Year for 25 Years - Central Bank

Wed, 18 Sep 2024 08:22:52 GMT

Source: RTE News

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52000 Homes Needed in Ireland Each Year for 25 Years Central Bank

Dealing with the pent-up demand for housing and continued growth in the population will require building 52,000 homes a year over 25 years, the Central Bank has forecast.

It has also calculated that to meet demand in 10 years it would need to build almost 70,000 units per annum.

This deficit has built up over a decade during which house building lagged behind demand.

Last year there were 33,000 homes completed .

Ultimately this will result in a higher cost of living, and in turn, a higher cost of doing business in Ireland, ultimately damaging our global competitiveness and the sustainable growth in living standards for the people of Ireland in the medium-term."

Good News for tracker mortgage holders

Fri, 13 Sep 2024 11:05:03 GMT

Source: RTE News

ECB Cuts Interest Rates

The European Central Bank cut interest rates again today as euro zone inflation slows and economic growth falters, but provided no substantial clues to its next step, even as investors bet on steady policy easing in the months ahead.

The ECB lowered its deposit rate by 25 basis points to 3.5% in a widely expected move, following up on a similar cut in June as inflation is now within striking distance of its 2% target and the domestic economy is skirting a recession.

The next question is who will benefit? When? and by how much?

Tracker mortgage holders will immediately receive a cut from the interest rate decision.

On this occasion, there will be a double benefit for those customers.

The ECB earlier this year had flagged that it would make a technical adjustment of 0.35% to rates which banks use to price tracker loans.

It means those customers will get a 0.6% reduction which would be worth €33 per month for every €100,000 borrowed.

The ECB says it has not committed to further rate cuts.

But many economists believe another reduction is possible in December.

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52000 Homes Needed in Ireland Each Year for 25 Years - Central Bank