‘I feel a bit like Brian Cowen. I get into the top job just when it looks like the party is over.’ – Edward Carey, President, IAVI.
“The current price correction is welcome and brings prices back to end 2005 levels, which are sustainable. Now, we find ourselves in a more demanding market, which others may fear, but in which I see opportunities. There is activity in the market and properties will continue to sell where people perceive value. Although prices may have decreased, demand is good, rents are stable and people are still looking to set up homes all over the country.” - Edward Carey, President, IAVI.
"All the data suggests the economy has slowed down very sharply. The banks are assuming it will be spring 2009 before demand bounces back" - Scott Rankin, analyst, Davy Stockbrokers.
"You might not want to shout about it, but the odds are long on there being any meaningful recovery this year” – unnamed senior banker, Irish Times.
“They're not threatening an immediate rate [ECB] hike, but the hawks are framing the debate now” - Nick Kounis, Economist, Fortis Bank.
"There is a substantial adjustment to be made. There is a disconnect between what banks are paying for their money and what the customers are paying for their loans. It is finally coming home to roost. The whole market has been topsy-turvy since last August." - Mark Duffy, Chief Executive, Bank of
"It had been very much a cat-and- mouse situation. All lenders want to be the first to be seen to be cutting rates, but nobody wants to be the first to raise," – Emer Lang, Analyst, Davy Stockbrokers.
"All our competitors will react. Why? Because they won't make money out of mortgages. If this continues, it will be very bad news for everyone in the circle." - Mark Duffy, Chief Executive, Bank of
“We now have a strong distribution channel through which we can sell our mortgage product range. We have already announced that we intend to grow this network, which will provide further capability to increase our mortgage market share” – Ulster Bank commenting on the withdrawal of its mortgages from the broker market.
"It will remain an interesting exercise if the lender can increase market share and maintain profit margins operating solely via the branch network." - Frank Conway, Director of Brokers, Irish Mortgage Corporation.
"Here, the workload on a mortgage has not diminished but expanded because the credit crisis means more cases involve a degree of negotiations with lenders. So the deal is more complex, and if the commission has been cut by the lender then there is no alternative but to charge the appropriate fee." - Diarmuid Kelly, Chief Executive, PIBA.
“With financial institutions either abolishing or slashing fees to brokers it's hard to be confident that they will direct consumers to products or institutions where they receive less or no income … There is now a potential conflict of interest and a concern that ways and means will be found by some brokers around this to maintain their income. This is especially so in a much slower market.” - James Doorley, Chairman, Consumers Association.
"How would you feel if you come into work one day and you were told that your income was to be cut in half?" – Jack Fitzpatrick, Chairman, Professional Insurance Brokers Association.
“The builder [Walsh Maguire] says it will guarantee to buy back homes for a period of five years from the date of purchase at the original price after 18 months has lapsed if the buyer gets itchy feet after purchasing one of 16 new five-bedroom homes at its development in West Dublin.” – Irish Independent, 25/04/08.
“Woodgreen Builders is guaranteeing buyers two years rent on their existing homes when they purchase a four-bed house for €395,000. Woodgreen is promising to manage everything from arranging the finance for your new home in
“Brian Cowen, should be asked to examine the possibility of replacing stamp duty with a more sustainable and equitable form of property tax” – The Sunday Business post reporting on recommendations made by the National Economic and Social Council.
“110,000 sq m of new Dublin office space was completed in the first quarter of 2008. This means that we built more offices in the first three months of 2008 than in the whole of 2006. Looking at the projects currently under construction, this building boom seems set to continue for another 15 months. The market will take time to digest the amount of new product coming on-stream and this could see the quantity of available space begin to creep up later in the year”. – Paul Hipwell, Divisional Director, Lisney.
“New office developments that have not yet broken ground could potentially be put on hold given the current market environment. More rigorous assessment of new office schemes is a welcome outcome of the current funding crisis as this will ultimately prevent oversupply and sustain rental values, even if occupier demand starts to ease” - Marie Hunt, Director of Research, CB Richard Ellis.
“It would appear that office occupiers are becoming even more focussed on city centre properties as economic prospects decline” - James Mulhall, Director of Office Agency, CB Richard Ellis.
“The plan identifies eight ‘‘high intensity clusters’’, in which high-rise buildings may be permitted. The areas are the Dublin Docklands, Dublin Port, the south bank of the Liffey near Poolbeg, the Tara Street area, the areas around Connolly and Heuston Stations, the Digital Hub, and Grangegorman” – The Sunday Business Post reporting on a new policy permitting high-rise development in Dublin.
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