BREXIT COULD REDUCE HOUSE PRICES EVERYWHERE EXCEPT DUBLIN - ESRI - Brexit could hit house prices in most of the Republic but drive up demand for homes in Dublin, experts warned politicians yesterday.
They also predicted that places such as south Munster, which export dairy and beef to Britain, could suffer almost as much as the Border region when the UK departs the EU. Dr Kieran McQuinn, of the Economic and Social Research Institute (ESRI), told the Oireachtas Budgetary Oversight Committee that Brexit would hit the Republic's housing market. The economist suggested that there would be an "adverse impact on the market" in areas outside Dublin whose economies depend on vulnerable activities such as agriculture, food and tourism, says the Irish Times. "But in Dublin you could see increased demand because of more people moving in to work," Dr McQuinn said, responding to questions from Fianna Fáil TD Lisa Chambers. Dublin is expected to lure businesses seeking alternative European bases to the UK following Brexit. Dr McQuinn acknowledged that the Border region, lying either side of what will be the UK's only land frontier with an EU member state, would be worst hit. However, he predicted that other areas of the country faced similar hardship as trade with the UK declined. The economist noted that ESRI reports have already highlighted that tourism, agriculture and food processing were amongst the industries most vulnerable to Brexit.
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DAIRYGOLD OPEN FOR MERGER TALKS AS BREXIT LOOMS - Dairygold is open for merger talks with fellow co-ops as the dairy industry braces for the impact of Brexit.
CEO Jim Woulfe told the Irish Independent that the company is "always open to change". "We're open constantly to reshaping, reforming if there's betterment for our members," he said adding that Dairygold had come about from the merger of Mitchelstown and Ballyclough co-ops three decades ago. When we can take out costs, we'll take out costs and we'll collaborate with whoever to take out costs ... we don't have a closed mind," he said. Chairman John O'Gorman said Dairygold had "never made a secret that we were open to collaboration in whatever shape or form that would take". Dairygold also said Brexit uncertainty was overshadowing the market. About 13% of the company's revenue comes from the UK. "No level of planning could insulate any EU organisation, trading with or through the UK, against the implications and consequences of a hard or no-deal Brexit. That is why it is critical, no matter what the final outcome of the negotiations, that there is a sufficient transition period, to fully prepare for the future trading relationship between the EU and UK. Even then, the Dairy Industry will suffer serious consequences in the event significant tariffs applying," Dairygold said.
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BANK OF IRELAND ADMITS 'TECHNICAL ERROR' LEAD TO WRONG INFORMATION ON 3,000 CUSTOMERS' CREDIT HISTORY - Bank of Ireland has said a "technical error" is to blame for incorrect information about their customers being posted on the Central Credit Register.
The register - which documents a person's credit history - is consulted by lenders when considering a loan application. The Central Credit Register (CCR) was established in the past year to replace the Irish Credit Bureau. The register logs all loans exceeding €500 in value and ensures lenders can access customer’s credit history through a central database while they are deciding whether to grant a loan. Up to 3,000 BOI customers had their information wrongly recorded between November and January and the bank corrected the mistake in early January, says the Irish Examiner. It means customers may have been refused a loan because their record held false data about them. Brendan Burgess from Ask About Money has this advice if you're thinking about applying for a loan. "Anybody who is taking out a loan in the future, like a mortgage in six months or a year's time, you should get onto the Central Credit Register. It doesn't cost anything to look at your record just to see what's on it in case a mistake has been made by Bank of Ireland or by any bank. You can go online and you can register quite easily and you can get a copy of your report," he said.
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UK HOUSE SALES HIT BY MARKET UNCERTAINTY - The UK housing market is likely to deflate further as inquiries from potential buyers and instructions to sell fall, estate agents have warned.
In a monthly poll of its members, the Royal Institution of Chartered Surveyors (RICS) found that demand for homes declined across the country in March for the eighth month in a row. It said buyers were increasingly reluctant to commit to big purchases because of uncertainty about Brexit, says today's Guardian. 27% more surveyors reported a fall in inquiries than a rise last month, while 24% more saw prices drop, down from 27% in February. The slowdown was led by London and the south east. Owners were reluctant to put their homes up for sale as the market softened.
