No house price bubble; bankers bashed; and red-faces at Revenue over ROS
Business Today: the best news, analysis and comment from The Irish Times business desk
Former UK chancellor of the exchequer Philip Hammond, who has joined the board at Paul Coulson’s glass and metal packaging group, Ardagh. Photograph: Florence Lo/via AP
House prices may have jumped 85 per cent since the nadir of 2013 – and 95 per cent in Dublin – but they are not overvalued, the Economic and Social Research Institute says, and nor is their any imminent threat of a property bubble. Eoin Burke-Kennedy has the details.
There might be more demand for housing around Newbridge after IDA Ireland acquired a 211-acre site in the area as it replenishes its land banks, writes Mark Paul.
Banks invited Central Bank deputy governor Ed Sibley to address their conference and he took the opportunity to take them to task. “On too many serious issues – such as tracker mortgages, non-performing loans, some Brexit preparedness issues – the Central Bank has had to push too many retail banks too hard over too long to actually put customers first,” he said. Joe Brennan was there.
Former Irish soccer international Andy Townsend is one of 14 sporting figures suing a listed wealth manager in the UK over advice to invest in British films that landed them in trouble with Her Majesty’s Revenue and Customs.
And speaking of Revenue, ROS suffered an embarrassing series of crashes yesterday as tens of thousands of self-employed people tried to pay and file on deadline day. Peter Hamilton reports that the tax authorities have been forced to extend the deadline until 6pm tonight.
Packaging group Ardagh has beefed up its board with former KPMG managing partner Shaun Murphy and the very recently retired for British chancellor of the exchequer Phillip Hammond.
Insurance companies have been warned that the Central Bank will consider banning dual pricing on motor and home policies – where existing, loyal customers get higher premiums that new ones – but not until it conducts a major multi-annual review of the practice.
The former Guineys department store on Talbot Street has come to market, looking for offers in the region of €4.25 million, writes Ronald Quinlan. The property has planning permission for 44-bedroom hotel.
Ronald also reports that property investor Avestus Capital Partners is paying around ¤214 million for a portfolio of 382 rental apartments distributed across two developments at Honeypark, near Monkstown and Elmfield in Leopardstown Valley.
The pressure on retail is evident as a fund managed by Davy Real Estate closes in on a €35 million deal to buy Athlone’s Golden Island shopping centre. That’s short of the €41 million asking price and the €43.2 million it secured just three years ago when it last changed hands.
Finally, the property market has been good for Larry Goodman’s son, Laurence jnr, who saw profits at his housebuilding company Urban Life more than double to ¤5 million last year. Mark Paul has the details.