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Deputy Michelle Mulherin says more information is needed on the level of engagement from banks with people in mortgage arrears to get a full picture of the issue.

Home owners along the six controversial N6 Galway Transport Project routes are at risk, not only of their homes being demolished, but of being pursued by the banks for unsecured shortfalls in the market value of those homes after demolition.

With the next public auction taking place on February 26, The Connacht Property Auction has noted a significant number of buyers are looking to purchase quickly, before their mortgage approval expires. With new rules introduced by the Central Bank, buyers will need larger deposits to purchase property. However purchasers with existing mortgage approval can still purchase under the old rules, until their approval expires. The new rules mean first time buyers need a 10 per cent deposit up to €220,000 and 20 per cent on the purchase price over this amount. Other residential buyers need 20 per cent deposits while investors need 30 per cent. There are some cases where flexibility will be allowable, but in general, larger deposits will be needed when purchasing property.

With the next public auction taking place on February 26, The Connacht Property Auction has noted a significant number of buyers are looking to purchase quickly, before their mortgage approval expires. With new rules introduced by the Central Bank, buyers will need larger deposits to purchase property. However purchasers with existing mortgage approval can still purchase under the old rules, until their approval expires.

Baker Tilly Ryan Glennon commissioned Millward Brown to conduct a survey to study the business and HR sentiment in the Midlands region. Launched this week, the results from across seven Midland counties (Offaly, Laois, Westmeath, Tipperary North, Kildare, Meath, and Carlow) provide an insight into how business owners are feeling now and their expectations for the future. The report also identifies the triggers and barriers to growth and compares the Midlands region with other parts of the country.

The comments by the Governor of the Central Bank, Patrick Honohan, that he may consider a relaxation of the imposition of a 20 per cent deposit rule on new mortgage applicants have been welcomed by Sen Hildegarde Naughton.

The local property market has “bottomed out” and there appears to be some light at the end of the tunnel.

This year has proven to be a turning point for the Galway housing market. After six years of falling prices, price inflation has re-emerged most notably in Galway city. The first nine months of 2013 saw the first period of positive annual price growth in the Galway housing market since 2006. Early indications suggest that the Galway city market has grown by more than 10 per cent during 2013. The strength of price growth in Galway city is fuelled by a shortage of supply.

Variable rate customers across Galway are being “hammered” due to the Government’s failure to stop banks from increasing the interest rates.

Approximately 95,500 homeowners are now in arrears for their principal home for over 90 days and the majority of these may be potentially under insured on their mortgage protection. This is according to analysis of the latest Central Bank figures by Caledonian Life, who have said that of the 95,500 homeowners who are in arrears for three months, many could be unaware of the need to reflect any changes to their mortgage repayment structure in their protection policies.