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The Journal
4 days ago
- Business
- The Journal
Housing minister 'not happy' that affordable homes were priced above threshold for state loans
A REVIEW INTO house prices has been completed and decisions will be made 'rapidly' to make sure costs do not price out homeowners from availing of government's local authority home loan scheme, the housing minister has said. His comments come after the Irish Times reported today that the price of affordable homes at a new state-development in Co. Kildare were above the threshold for new homeowners to avail of the mortgage scheme. The Local Authority Home Loan is open to first-time buyers and fresh start applicants who wish to purchase a new or second-hand property or for self-build. It provides up to 90% of the market value of the property. The maximum loan amount is determined by where the property is located. In Kildare, the local authority has limited the loan scheme to properties priced at €360,000 and under. Three-bed homes at the new estate cost €370,000. Asked about the disparity today, Housing Minister James Browne said he was 'not happy' about it. He said a review he commissioned on the issue was delivered to him yesterday. Advertisement He told reporters in Dublin: 'We'll make a decision on those will be made very rapidly, so we can get that review carried out and finished and get limits increased where they need to be increased. 'But, absolutely, that disparity – I'm not happy with that, and I'm going to have that addressed.' Minister James Browne said he was "not happy" about the disparity. Alamy Alamy Homeowners have previously told The Journal that they found the loan scheme 'restrictive' and that the details of the scheme, which have since been amended, were unclear. The minister said he 'wouldn't be surprised' if other new developments were also above the thresholds set for the home loan scheme, which is why, he said, he commissioned that his department review the issue. Browne said that he wanted to make sure that prices are aligned with the schemes available to families seeking to purchase homes. 'I want to try and get them aligned so that we don't have this type of disparity. I know it causes stress for families – I know one particular family that it cased an awful lot of stress for. 'I don't want that situation to happen. The government is spending record funding on delivering housing, on supporting people to get those homes, so that kind of misalignment – I certainly want to see an end of, and intend to being an end to that.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Journal
26-05-2025
- Business
- The Journal
Calls for reintroduction of 100% mortgages for first time buyers - but politicians urge caution
POLITICAL PARTY INDEPENDENT Ireland has called for banks to reintroduce 100% mortgages to the market to help renters and young people buy their first home. It comes as the product, synonymous with the Celtic Tiger era, has increased in popularity in the UK. In Ireland, however, 100% and 95% mortgages are not available under Central Bank lending rules that came into force in 2015. Last week, another lender in the UK introduced a 100% mortgage to the market. It is not available for new build properties and comes with an initial higher interest rate (5.99% compared to an average of about 4%). The Journal contacted housing experts and the housing spokespeople of all of Ireland's main political parties to get their views on whether products of this kind should be reintroduced in a bid to help first-time buyers. Independent Ireland was the only party to call for their reintroduction. Party leader and TD Michael Collins told The Journal : 'We are not advocating for a return to the reckless lending that preceded the financial crisis. However, it is equally irresponsible to ignore the reality that people are spending €2,000 or more each month in rent, yet cannot qualify for a mortgage that would cost them far less. 'There is a clear need for targeted, responsible mortgage products that reflect today's economic realities.' Cork South West TD Michael Collins Alamy Alamy He pointed to the rise in availability of the product in the UK and said that with appropriate affordability checks and regulatory safeguards, 100% mortgages can be a 'valuable tool in addressing the housing crisis'. His party colleague, Cork North Central TD Ken O'Flynn added: 'It defies logic that someone can be trusted to pay €2,500 to a landlord but not be considered eligible to repay €1,800 to a mortgage lender. 'A properly structured 100% mortgage could turn long-term renters into homeowners and provide dignity and stability to countless families.' 'Absolute disaster' Other politicians contacted by The Journal , however, urged caution. Advertisement Sinn Féin's housing spokesperson Eoin Ó Broin said there should be 'no return to the high-risk Celtic Tiger lending of the past'. He added that mortgages of this type would not help increase housing supply and would only add to house price inflation. Similarly, Social Democrats housing spokesperson Rory Hearne said 100% mortgages were an 'absolute disaster' during the Celtic Tiger in terms of contributing to house price inflation. 'We are absolutely in the same upward spiral as we were in the Celtic Tiger… and adding more credit into that in order to enable people to pay higher prices will, in the context of restricted supply, just add to higher house prices,' he said. Hearne said what first-time buyers really need is State-provided affordable housing to rent or buy, on a 'massive scale'. Rory Hearne, Social Democrats TD for Dublin North-West. Alamy Alamy This sentiment was shared by People Before Profit TD Paul Murphy, who warned against repeating 'the mistakes of the Celtic Tiger' and Labour's housing spokesperson TD Conor Sheehan, who said he was 'deeply uneasy' about the prospect of their return. 'With a 100% mortgage, the buyer does not have any equity in the property and if the housing market contracts, they could find themselves in negative equity…The higher interest rate offered by these loans will also make them more expensive over the longer term,' he said. Shane Cullen, head of mortgages at Ask Paul (Fairstone), also explained how limited a homeowner's options are if they avail of a 100% mortgage and house prices begin to fall. 'The main issue you have here is that the buyer is at 0% equity at the outset. Now while this is okay in a time where there's property price inflation, a dip in the market can have massive consequences for the buyer, throwing them into negative equity,' he said. 'They may want to sell due to personal or financial reasons and not be in a position to do so as they're in negative equity. House prices can take years to recover as we saw in 2008 and led to the Central Bank of Ireland measures being introduced to protect consumers and encourage more responsible lending.' What about a 95% mortgage for first-time buyers? 'Even at 95%, you're still leaving buyers extremely vulnerable to a dip in the market,' Cullen said. He argued that opening up the first-time buyer schemes to second-hand properties would be a more sensible approach, as consumers would be better protected from a crash. 'Returning to 95 or 100% mortgages will be great for increasing the lenders' bottom line, and while it looks as though they're doing it to help consumers, there is no consideration for the associated risks attached.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Journal
19-05-2025
- Politics
- The Journal
Pro-EU centrist wins tense Romania presidential vote rerun
NICUSOR DAN, THE centrist mayor of Bucharest, won a tense rerun of Romania's presidential election yesterday, beating nationalist George Simion in a vote seen as crucial for the direction of the EU and NATO member bordering war-torn Ukraine. The ballot came five months after Romania's constitutional court annulled an election over allegations of Russian interference and a massive social media promotion of the far-right frontrunner, who was not allowed to stand again. Dan, who campaigned for an 'honest' Romania, gained close to 54 percent of the vote, while US President Donald Trump admirer Simion secured some 46 percent, according to near complete results. George Simion, leader of the right wing Alliance for the Union of Romanians party Alamy Alamy 'It's the victory of thousands and thousands of people who… believe that Romania can change in the right direction,' Dan, 55, told supporters, who chanted 'Europe' and 'Russia, Russia, Romania is not yours'. Turnout was close to 65 percent, compared to 53 percent for the May 4 first round, in which Simion secured most votes. 'The mobilisation was almost unprecedented,' political scientist Sergiu Miscoiu told AFP, adding 'never has an election been so decisive, with clear geopolitical implications.' Romania's president has significant sway in foreign policy, including holding veto power at EU summits. 'People's will' EU chief Ursula von der Leyen congratulated Dan, vowed it would help work towards 'a strong Europe'. French President Emmanuel Macron said Romanians had 'chosen democracy, the rule of law, and the European Union… despite many attempts at manipulation'. Ukrainian President Volodymyr Zelensky also congratulated Dan, saying it 'is important to have Romania as a reliable partner'. Despite exit polls showing Dan ahead, far-right leader Simion, 38 said he had won the election, but eventually conceded defeat to his rival. 'I would like to congratulate my opponent, Nicusor Dan. He has won the election, and this was the will of the Romanian people,' Simion said in a video on Facebook. He vowed to 'continue our fight' for Romania and to put its 19 million people 'first'. Advertisement Simion, who leads the far-right AUR party, has criticised what he called the EU's 'absurd policies' and proposed cutting military aid to Ukraine. Simion and Dan both campaigned on a platform of change amid anger over the politicians, deemed corrupt, who have ruled one of the EU's poorest countries since the end of communism 35 years ago. Simion voted in Mogosoaia, just outside Bucharest, with far-right politician Calin Georgescu. Georgescu was the front-runner in last year's cancelled presidential election and was barred from taking part in the rerun. Calin Georgescu Alamy Alamy As the duo arrived, dozens of people, some holding flowers, shouted: 'Calin Georgescu for president.' Tense atmosphere The election campaign took place in a tense atmosphere. The cancellation of last year's vote and subsequent barring of Georgescu drew tens of thousands onto the streets to protest in sometimes violent rallies. Top US officials also criticised the decision to scrap the last ballot. The surprise resignation of Prime Minister Marcel Ciolacu and the collapse of his pro-European government coalition, after their candidate failed to make the runoff vote, further raised the stakes. The new president will have the power to appoint a new prime minister. The election turmoil has increased economic uncertainty in the EU's most indebted country, which has grappled with high inflation. 'The stakes of these elections are huge because there is widespread chaos in Romania right now after the annulment,' voter Runa Petringenaru told AFP. 'We can't wait for it to be over,' the 55-year-old workshop organiser added. © Agence France-Presse
The Journal
14-05-2025
- Health
- The Journal
Families in Gaza eating grass and animal feed as doctors witness record levels of malnutrition
FAMILIES IN GAZA have resorted to boiling grass and eating animal feed as Israel's food, water and aid blockade on the region enters its eleventh week. Doctors in the Gaza Strip are witnessing and recording the highest levels ever of malnutrition in the territory. Acute levels of malnourishment are being seen in children and in pregnant women. Humanitarian and medical organisations held an emergency press briefing this afternoon to brief the world's media on what they are witnessing in Gaza, which has been blockaded from receiving aid by Israel. Bushma Khalidi, Oxfam's head of policy for the Occupied Palestinian Territories, whose family are currently in Gaza, said: 'People are eating animal feed. They're boiling grass .' 'Families are slaughtering their horses – something unimaginable in our culture, something sacred – just to feed their children. We've seen people catching turtles from sewage-contaminated shores to cook and survive. 'Even my own family in Gaza, my brother-in-law Hassan, told me the children are dizzy most of the day. This is not because they are sick, but because they're hungry. This is how deep this has gone,' Khalidi said. A man in Northern Gaza grounds lentils as a replacement for flour in order to make bread for his family, image taken on 11 May, Alamy Alamy Mahmoud Isleem of French medical organisation Médecins du Monde's (MDM) Palestine, which operates eight clinics in Gaza, said the level of malnutrition his organisation is seeing is unprecedented. One in four children are now presenting to clinics with evidence of malnutrition, as of last month. Isleem said the levels of malnutrition his organisation has recorded in Gaza can be compared with countries which have been suffering from the issue for decades. Photo of a baby suffering from malnutrition, taken in Gaza on 5 May. One in four children are presenting with malnutrition in Gaza. Alamy Alamy On 2 March, Israel formally began a full-scale blockade on Gaza's access to food, water, fuel, medicine and other key humanitarian aid supplies. The UN-backed Integrated Food Security Phase Classification said this week that Gaza is at risk of a food crisis 'or worse' by September . There is now a 'critical risk of famine', according to the global hunger monitor's latest report. Advertisement Israel's bombardment of Gaza continues. Israel plans to scale up a 'full force' offensive on Gaza in the coming days . 'Total collapse of dignity' Dr Mike Ryan, the executive director of the World Health Organization's emergency programme, said in an emotional speech in Switzerland at the beginning of this month that the children of Gaza are 'starving' . Oxfam's Khalidi said today that Israel's actions represent a 'total disregard for humanitarian norms'. Photo taken today, 14 May, after continued Israeli bomb strikes resulted in the death of civilians, including children, in Northern Gaza. Alamy Alamy 'This isn't just a crisis – it's a collapse. It's a collapse of basic survival. It's a collapse of dignity. It's a collapse of the international order,' Khalidi said. We've called repeatedly for a permanent ceasefire, repeatedly for full and unimpeded access and repeatedly for respect of international law, yet what we're seeing the opposite.' Families eating 'rancid' food Soraya Ali, Global Media Manager at international charity Save the Children, said Israel's blockade on Gaza has reduced life in the territory to an 'inhumane nightmare'. She said families are forced to eat 'rancid food' to avoid hunger, and the most basic medical care is not available as Israel's blockade enters its 73rd day. Ali said: 'The humanitarian situation is the worst it has ever been. People continue to be displaced. They're being bombed and killed by bombs. Starved.' Trucks stopped at the border between Egypt and Gaza after 2 March after Israel launched its full blockade. Alamy, file Alamy, file Doctors without Borders (MSF) today urged the UN and the EU to use their political and economic leverage to stop the 'instrumentalisation of aid' by Israel. 'We are witnessing, in real time, the creation of conditions for the eradication of Palestinian lives in Gaza,' the medical aid agency said. It added: 'The obstruction of humanitarian aid is a direct violation of UN Security Council Resolution 2720, which calls for the unimpeded delivery of humanitarian aid to civilians. Israel's claims that aid is being diverted by Hamas 'remain unverified and in no way justify such measures', MSF said. 'As the occupying power, Israel must facilitate impartial humanitarian assistance for the population in need,' it added. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Journal
14-05-2025
- Politics
- The Journal
US President pampered upon touching down in Doha
DONALD TRUMP HAS touched down in Doha in Qatar for the second day of his four-day Middle East tour, the first foreign excursion of his second US Presidential term. The tiny Gulf country pampered the US President upon his arrival, lining his procession from the airport with members of the Royal Family and horse-mounted soldiers as he made his way to meet Emir Tamim bin Hamad Al-Thani. His lavish trip has been clouded by controversy over accusations of corruption over the gifting of a luxury aircraft by the Qatari royal family , which Trump has said he will accept and keep for himself for personal use following his Presidency. Members of the Qatari Royal Family lined Trump's possession to meet the country's Emir. Alamy Alamy The move raises huge constitutional and ethical questions – as well as security concerns about using an aircraft donated by a foreign power as the ultra-sensitive Air Force One. US justice department officials will probe the decision, it has been announced. Advertisement Qatar, an oil-rich nation in the Middle East, is home to a major regional US air base and served as a mediator between Israel and Hamas on ending the devastating retaliatory offensive on Gaza by the Israeli military. The visit to Qatar comes just days after Washington negotiated directly with Hamas to secure the release of a hostage with US citizenship, Edan Alexander. Trump's four-day tour does not include a visit to Israel, of which the US is its closest ally. Qatar, an oil-rich nation in the Middle East, is home to a major regional US air base. Alamy Alamy Securing the future of positive relations between the US and the Gulf nations is a priority of the trip, Trump has said, adding that he will engage with Israel on another occasion. He has also repeated his decision to bypass ths US' traditional western allies. Eight years ago, Trump also chose Saudi Arabia for his first overseas trip as president – when he memorably posed with a glowing orb and participated in a sword dance. A multi-billion dollar investment deal was agreed with the country yesterday . Trump is set to finish his tour of the Gulf with a final stop in Abu Dhabi later in the week. Includes reporting from © AFP 2025 Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
