Ireland’s property and mortgage market recap for November 2022 🇮🇪
Hello everyone, John Coleman here, Ireland’s mortgage broker with your property and mortgage market recap of October 2022. 🇮🇪
If you’re watching this video or reading this in early December, then you’re probably immersed in the World Cup like many of us around the globe. ⚽️
And while I’ve been forced to root for Brazil because four of my employees are from there (and there’s NO way I can refuse them!), my money is still on Spain. 🇧🇷🇪🇸
Either way, let’s hope for some great football on the way to the Coupe du Monde’! 🏆
Today I also wanted to bring you our monthly summary of the mortgage and property market in Ireland, but this time with a view of what’s transpired in 2022 and then a look ahead to what we might see in 2023.
Well, starting out, it’s nice that we talk about it so little anymore but remember that 2022 start with Covid still dominating or at least affecting our lives, and seems to have faded from our daily conversations and consciousness. That’s a very good thing worth celebrating, and let’s hope we never have to talk about it again!
In our mortgage market, we experienced both good and bad news in 2022.
I’ll start by noting that two of Ireland’s banks, Ulster and KBC stopped trading, leaving the market less competitive for borrowers.
And for the first time in almost 10 years, we’ve seen interest rates start to creep up, and I expect more of the same in 2023.
But there was plenty of good news, too. For one, the Help to Buy Scheme extended was extended another two years. That’s been very useful to property buyers who need help with their deposit.
Right now, I’m seeing that the First Home Scheme is starting to bear fruit, and I expect it to really make a difference for buyers in 2023. If you want more information on the First Home Scheme, check out my recent video here: https://youtu.be/f61OFv1LIto
Now on to my favorite point of complaint, bank service. I don’t want to get ahead of myself, but just over the last week, I’ve noticed a little bit of improvement with timing of applications being looked at. It could just be because of the time of year or maybe due to extra staff they’ve brought on, but let’s hope we see better bank service in January and beyond in 2023.
I definitely want to mention that the Central Bank announced that buyers will soon be able to borrow up to 4x their salary, which will go in effect from January 1st.
I also am excited that JC Mortgages just received our 100th online review! The vast majority of our reviews are way-too generous, and I’m humbled by your thoughts and accolades.
But I will also give all of the roses to my amazing team, because I wouldn’t be able to get through a single day without them.
So, Suya, Deborah, Glazi, Dave, Linda, and Will deserve all of the credit for our 100 5-star reviews – and all the others that will follow!
Our final email of the year wouldn’t be complete without recapping the predictions I made for 2022 a year ago. How did I do?
Well, I was way less wrong than most of the other experts, so I’ll take that as a win – or let’s call it a tie since we’re in the spirit of World Cup!
Enjoy your December, let me know if you need anything at all, and go Brazil! I mean Spain. No, I mean Brazil. 🤣
-John Coleman,
JC Mortgages