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Commenting on the recent ECB decision to keep interest rates unchanged, Brokers Ireland said even when the move to reduce the rate begins there is still a 'rocky road' ahead for many mortgage holders.

The price of the average second-hand three-bed semi in Galway city has increased to €345,000, up 2.4 per cent from €337,000 in the last three months, according to a national survey by Real Estate Alliance.

Responding to the latest Daft.ie Rental Report for Q4 2023, IPAV, the Institute of Professional Auctioneers & Valuers, said that the decline in rental inflation in Dublin is evidence that the primary driver of achieving stabilisation of prices or greater affordability into the future was supply.

Responding to the most recent Central Bank Retail Interest Rates publication for December showing Ireland with a weighted average interest rate on new mortgages of 4.19%, just 0.13% higher than the euro area average, and six basis points down on the previous month, Brokers Ireland said it is to be hoped that by mid-year the situation will have improved with some movement downwards by the ECB.

Commenting on the recent Daft.ie Q4 House Price Report, IPAV, the Institute of Professional Auctioneers & Valuers, said the results broadly concur with those reported by IPAV auctioneers which indicate that prices have picked up again in the latter quarter of 2023.

Commenting on the CSO Residential Property Price Index for October, Brokers Ireland said the 2.3% year-on-year increase marks a bigger increase than has been seen for several months.

Commenting on the recent CSO Residential Property Price Index for October, IPAV, the Institute of Professional Auctioneers & Valuers, said prices have picked up again as already reported by auctioneers.

Following another turbulent year, we appear to be returning to a greater degree of normality in the wider economy. Inflation in Ireland fell to 2.3 per cent in November, edging closer to the ECB’s target of two per cent, and supply chains have mostly recovered following the invasion of Ukraine. However, risks do remain. We now find ourselves on the back of the most aggressive series of interest rate hikes in the history of the euro. Also, escalating tensions between the USA and China, and the conflict between Israel and Palestine remain causes for concern.

Commenting on the ECB decision to keep its interest rates unchanged, Brokers Ireland said it will come as a relief to worried mortgage holders who have been in trepidation fearing further increases.

Ifac, Ireland’s farming, food, and agribusiness specialist professional services firm, and a top 10 accountancy firm, is advising Westmeath business owners and savers to look for alternatives to get the best return on their cash deposits.