View more on these topics

Irish landlords favour UK B2L

The Republic of Ireland’s buy-to-let market is on the verge of meltdown due to its landlords favouring UK investments, an Irish broker has warned.

The broker, who wishes to remain anonymous, says intermediaries fear Ireland’s buy-to-let market is wilting because landlords prefer to invest in England.

Land Registry figures show average house prices in England and Wales hit 179,935 in April. Figures from Irish bank Permanent TSB show that average property prices in the Republic of Ireland over the same period reached 306,619, or 207,607.

Peter Ireland, independent mortgage adviser at Park Row Associates, says prices have hit the roof in the Republic, forcing Irish investors to follow the best value deals.

Ireland says: “The Irish buy-to-let market is tilting on its axis because investors can see value in the English market.

“If investors are spending money in England and not over there, this will reduce demand and depress prices in Ireland.”

In response to investors’ appetite, the Bank of Ireland says it is looking at changing its buy-to-let criteria for Irish nationals looking to invest in the English market.

A spokesman for BoI says: “The number of enquires would imply there is a market for Irish nationals buying buy-to-let property in England. Our existing policy is that we will only lend to Irish nationals who have three years’ residency in the UK. However, we’re looking at expanding our criteria.”

Recommended

MPC warns of further rate rises

The Monetary Policy Committee has sparked further fears of a housing market slowdown after Mervyn King, governor of the Bank of England, warned of more rate rises before of the end of 2007.The governor, speaking to the Confederation of British Industry in Cardiff, told delegates that: “market expectations of where Bank rate will be at […]

MI online service offers ARs customised websites

Mortgage Intelligence has launched an online service that gives its app-ointed representatives the chance to have customised websites.Each website will be custom-built to members’ branding specifications and will include a jargon buster, a mortgage calculator and contact forms for clients to leave their details.Sally Laker, managing director of MI, says: “Today it is essential for […]

How lenders cater for foreign investors

The UK economy is strong and the property market is providing excellent returns for investors. The buy-to-let market is becoming increasingly attractive not only to British landlords but also to foreign investors.

NR ups rates by up to 0.2% across range

Northern Rock has increased its rates across its entire residential and buy-to-let range by up to 0.2% in response to rising swap rates.The changes will take effect from Wednesday June 20 2007 and the current range remains available until midnight on Tuesday 19.Flexible fixed rates will be available from 5.59%, with a £1,995 product fee.There […]

Newsletter

News and expert analysis straight to your inbox

Sign up