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Rents in Limerick city rise despite national rate cooling

first_imgFacebook Twitter NewsHousingRents in Limerick city rise despite national rate coolingBy Rose Rushe – February 14, 2020 686 WhatsApp Advertisement TAGSdaft.ie Q$ 2019Irish Property Owners AssociationProfessor Ronan LyonsRental Tenancies Board Print THE last quarter for which we have national statistics for the rate at which rents fluctuate in the 26 counties is Q4 of 2019. Daft.ie’s reports issued four times annually are met with interest, given the enormous database from which it collates statistics.This portal to residential (and commercial) rentals and sales is used by virtually all estate agents and by private landlords who eschew an agency to let and maintain properties.Sign up for the weekly Limerick Post newsletter Sign Up Note the Daft infographic that shows the biggest increase in rents charged in the country were in Limerick. This is true of the city especially, presenting an 8.3 per cent gain over Q4 2018. Properties in adjacent Clare were charging almost 8 per cent more than in the last quarter of 2018.The FG-FF coalition is deemed to have fallen on the twin spears of Housing and Health. Swathes of the electorate who voted were unmoved by a 95 per cent employment rate, years of slog for a stable Brexit and Ireland ranked by the UN in December as 3rd best country in the world for quality of life (pipped by Switzerland and Norway, tops).What is driving rents here up, vis a vis Dublin levelling off with household income maxed out in The Pale?Scarcity. Daft.ie’s analyst Prof Ronan Lyon of TCD makes the point that construction costs for apartments “make it unviable to build the thousands of new rental homes that are desperately needed.”Another factor is the thousands of private landlords bailing out of the sector due to steep taxes and the cost of refurbishment between tenancy turnovers.2019 closing data for rents: €1,402 national average €896 Limerick county€1,167 Limerick city( €667 average mortgage)Feb 2020 – 76 properties availableWith a burgeoning jobs market in the Mid-Wests biopharma, food, finance, tech and aviation sectors, there has been a major influx in professional workers and their families moving to Limerick. From Cook Medical to WP Engine, Johnson & Johnson to Regeneron, recruitment campaigns by locally rooted industry are bringing an educated populace to the Mid-West.For sure, new residential stock is coming on board in the suburbs, in city new builds and the remodelling of older properties. But in a market of rising residential values, owners of landbanks and builders know that their assets are appreciating all the time. Limerick City and County Council is backing a €12mn investment in public housing so future supply is being addressed.The good news is that available rental accommodation nationally has increased by 10 per cent in 2020 since last year. Much of this is driven by tax-friendly house sharing in a landlord’s principal private residence, such contracts being outside the remit of the Rental Tenancies Board. The most recent rental index for the Board is Q3 of 2019. The Irish Property Owners Association (IPOA) had a big reaction  to news that there were 21,235 tenancies registered in Q3 2019 compared to 25,448 in Q3 2018.“There was a drop of 17 per cent in the amount of tenancies registered,” commented Stephen Faughnan of the IPOA. “Rent Pressure Zones limit the income of investors without limiting the cost of the provision of the accommodation.  Property owners who rewarded  good tenants by keeping the rent low have been unfairly and substantially disadvantaged.“A recent survey carried out by IPOA revealed that 31 per cent of landlords were sub-venting their mortgage from other income, and 71 per cent of landlords were letting below market rent.  25 per cent of landlords had rent [pegged at] 33 per cent below market rent.”Mr Faughan went on to state that “sadly, 44 per cent of landlords surveyed stated that they intended to leave the market in the next five years.”Another statistic: “Between 2016 and 2018 over 2000 landlords left the sector and over 12,000  rental homes are no longer available.” Email Linkedin Previous article€6m investment brings 50 new jobs to BallinaNext articleJoe Rooney: Shut up and laugh Rose Rushehttp://www.limerickpost.ieCommercial Features and Arts Editor at Limerick Postlast_img read more

InterLinc Mortgage Services Promotes Gene Thompson to COO

first_img InterLinc Mortgage Services Promotes Gene Thompson to COO Share Save Demand Propels Home Prices Upward 2 days ago Home / Featured / InterLinc Mortgage Services Promotes Gene Thompson to COO July 24, 2018 1,763 Views About Author: Kristina Brewer Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Houston-based InterLinc Mortgage Services has announced that Gene F. Thompson III, who has served as President since 2010, will now serve as COO of the company. A 20-year veteran of the mortgage lending industry, Gene has been with InterLinc since 2007, where he has served as both Executive VP and President.“Gene’s decades of experience in the mortgage banking industry, combined with his dynamic approach to sales and operations, has brought InterLinc unprecedented growth opportunities,” said James H. VanSteenhouse, InterLinc CEO. “The long-lasting relationships that he’s built with builders and realtors have enabled InterLinc to become a powerhouse in the mortgage industry. As both President and COO, Gene will have even greater opportunities to apply both his exceptional strategic acumen and his operational skills to helping InterLinc meet our goals for growth and our ongoing commitment to unparalleled customer service.”For more than a decade, InterLinc Mortgage Services has delivered home loans with the motto of “On Time and As Agreed” to customers buying or refinancing. Loan originators and branch managers participate in a family-oriented culture, coupled with accountability metrics aimed to drive production. Gene is poised to carry this mission forward as he helps implement InterLinc’s strategic growth plan, which includes increasing the mortgage banking company’s annual production to $3 billion by 2020.“Adding the COO title in some ways simply acknowledges my role in overseeing central operations and our branch network,” says Thompson. “I’m honored by the trust James VanSteenhouse has always placed in me, and I will continue my focus on growth and maximum profitability without ever sacrificing customer service.”A graduate of Stephen F. Austin State University with a BBA in Accounting, Thompson has been the recipient of numerous industry awards, including the prestigious “Texas S.T.A.R. Award, Mortgage Industry Professional of the Year.”InterLinc Mortgage Services, LLC is a full-service mortgage-banking firm with approvals from the three largest issuers of mortgage-backed securities, Fannie Mae, Freddie Mac and Ginnie Mae. The Company affords clients access to enhanced mortgage product offerings, pricing competitiveness, loan efficiency and servicing. InterLinc is licensed in 18 states throughout the Midwest and Southeast U.S.  Print This Post Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. 2018-07-24 Kristina Brewer The Best Markets For Residential Property Investors 2 days ago Previous: Bright Outlines Goals for Ginnie Mae Next: FHFA Halts Discussion on Credit Changes to GSEs Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles in Featured, Journal, News, Servicing Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more