Within hours of the re-election in Australia of the sitting coalition Government led by Prime Minister Scott Morrison on Saturday, the first in what can be expected as a series of steps is underway to fight the falling property market.
British consumers increased their borrowing at the slowest pace in more than a year-and-a-half in May and banks offered fewer mortgages, data from the country’s banking industry showed yesterday, adding to signs of a slowdown in the economy.
Michael McGrath, Fianna Fáil finance spokesman, has turned up the heat on the debate about the best ways to lower the still elevated levels of mortgage arrears, saying one approach — the so-called mortgage-to-rent scheme — is not working as it should.
The country’s chronic housing shortage is set to persist and push property prices even higher while, at the same time, the Central Bank’s mortgage rules continue to restrict lending to ‘abnormally low’ levels despite a pick-up in April.
Farming organisation IFA and its 75,000 members yesterday opened up a new front on the controversy surrounding high rates that Irish lenders charge for mortgages, saying that politicians need also focus on “excessively high” business rates facing farmers and SMEs too.
The running sore of mortgage arrears — eight years after the onset of the financial crisis — is back on top of the political agenda as Independent TDs negotiate their participation in a new government, the Irish Examiner has learned.