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      Housing market resilient in face of Covid-19

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      Asking price inflation up 1.2% nationally in August compared with Q2 2019
      Dublin inflation up by 0.3%; rest of country up by 1.5%
      Strong quarterly inflation recorded
      Demand likely a combination of high interest from those with mortgage approval and shortage of stock
      Annual house price inflation has risen by over 1% despite the impact of Covid-19, according to analysis from leading property website MyHome.ie and Davy.
      Key findings:
      Region
      Mix-adjusted asking price
      Annual % change (Q2 2019 – > August 2020)
      Quarterly % change (Q2 2020 – > August 2020
      National
      €280,000
      +1.2%
      +4.3%
      Dublin
      €383,000
      +0.3%
      +2.9%
      Ex-Dublin
      €234,000
      +1.5%
      +4.7%
      Asking price inflation rose by 1.2% nationally compared with Q2 2019, by 0.3% in Dublin, and by 1.5% elsewhere around the country.
      The rise in quarterly asking price inflation has been even more pronounced – by 4.3% nationally, 2.9% in Dublin and 4.7% elsewhere around the country.
      This means the mix-adjusted asking price for new sales nationally is €280,000, while the price in Dublin is €383,000 and elsewhere around the country it is €234,000. Newly listed properties are seen as the most reliable indicator of future price movements.
      Conall MacCoille, Chief Economist at Davy, said: “The MyHome data shows pricing has held up during the summer months; the negative 3% inflation rate seen in Q2 2020 now seems an aberration, driven by the small numbers of vendors prepared to put their homes on the market during the exceptionally uncertain period of the lockdown. Looking ahead we think prices will be broadly flat in 2020, or see marginal declines, but the impact of Covid-19 on the housing market could have a longer, slow burn impact than many appreciate.”
      Angela Keegan, Managing Director of MyHome.ie, said the increase in asking prices was likely a combination of people who already have mortgage approval moving to secure properties, and a shortage of stock. “One of the many negative effects of Covid-19 has been the decrease in construction output, which has had significant ramifications for the property market. Anecdotally we are also seeing people who have mortgage approval acting fast to secure properties and this, added to the fact that stock levels are low, is driving asking prices upwards.” More

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      MyHome.ie Webinar – A chat with Maeve McCarthy of Charles McCarthy Estate Agents in Cork

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to Maeve McCarthy of Charles McCarthy Estate Agents in West Cork.
      Maeve discusses the increased level of interest in the area since the onset of Covid-19 and the silver lining that might come about from the pandemic.
      Check it out below…
      [embedded content]
      You can see Charles McCarthy’s range of properties at charlesmccarthy.com More

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      in Residential

      One in 10 property sales renegotiated during Covid-19

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      About one in ten property sales was renegotiated due to Covid-19 with an average price reduction of 3%, according to a survey of over 260 estate agents nationwide carried out by the Society of Chartered Surveyors of Ireland.
      About two thirds of practitioners said property values had remained unchanged compared to the situation before the pandemic and the subsequent economic shutdown.
      28% said prices had declined with 6% saying they had increased.
      Figures from the Central Statistics Office last week suggested that annual property price inflation nationally practically came to a standstill in June at 0.1%. Dublin prices were down 0.7%.
      The volume of transactions in June dropped by a third compared with the same month last year, the CSO figures indicated.
      A separate set of figures from the Banking and Payments Federation showed that mortgage drawdowns amounted to €1.5 billion between April and the end of June, down 35% on the year.
      About three quarters of estate agents surveyed by the SCSI said they had experienced at least one failed transaction as a result of the pandemic.
      It is estimated from the survey findings that about 12% of sales fell through as a result of Covid-19 and the associated economic shock.
      SCSI Vice President, TJ Cronin – a Cork based estate agent – said the findings underlined the resilience and the adaptability of the property sector, but he warned that the outlook remained challenging.
      “Activity levels have been brisk due to pent-up demand. Confidence within the house purchasing market remains strong, especially among those who have been unaffected financially by Covid-19 or those that had finances in place.”
      “However new mortgage approvals and drawdowns are down, and the salaries of home purchasers are likely to be impacted as a result of Covid-19,” he added.
      On the rental side, the survey found that on average 8% of tenants had not met their monthly rent obligations due to Covid-19.
      Just over a third of these had provided satisfactory evidence of inability to pay to their landlord.
      The SCSI warned of a sharp rise in rent arrears with the removal or reduction of the pandemic support payments. More

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      MyHome.ie Webinar – A chat with Ronan McKenna of Glenveagh Homes

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to Glenveagh Homes sales director Ronan McKenna about the new homes market in Ireland,
      Ronan discusses Glenveagh’s series of new developments around the country, what impact Covid-19 has had on them and what is coming up in the weeks and months ahead.
      Check it out below…
      [embedded content]
      For further details on Glenveagh Homes visit www.glenveagh.ie More

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      Marina Village, Greystones: Perfect living in a modern world

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      The recent Covid-19 pandemic has changed a lot of our perspectives on life, with where and how we live to the forefront of that. Marina Village in Greystones can offer perfect living in a modern world.
      After weeks spent at home and being limited in our movements, where we live and what type of home we reside in has become more important than ever.
      While it’s fair to say that Covid-19 will change the world, it has already put more of a focus on the type of property we live in.

      Remote working is now much more the norm, with quality of life taking more precedence than ever before.
      That’s why Marina Village in Greystones, Co Wicklow, could be the ideal location for you to set up home.
      These stunning 4/5 bed family homes from Glenveagh Homes offer stunning sea views, with plenty of sights, walks and leisure activities to enjoy.

      Located along the shore with views across The Irish Sea and Bray Head, you can be sure of waking up each day with a pep in your step. The homes are designed to make the most of these picturesque views, as the first floor drawing room has a large balcony overlooking the c. 14 acre park and out towards the Irish Sea. The real highlight of this new development is the detached homes overlooking the sea, which simply have to be seen to be appreciated.

      Inside the houses offer high specifications with impressive spacious hallways and 9ft ceiling heights, meaning you’ll never feel cooped up here.
      The space offered means there is plenty of room to work from home while entertaining is also an option.

      The open plan kitchen and dining space benefits from lots of natural light pouring in through the large double glazed windows and french doors leading to the private rear garden. Kitchens are supplied by Nolan’s kitchens and feature quartz stone worktop islands with wine fridges, beautiful detailed finishes and Siemens appliances as standard.

      All houses have superb energy efficiency ratings due to heat recovery ventilation, air tightness, high insulation, solar panels and an A-rated air to water heat pump heating system.
      As well as the seaside which is just a stone’s throw from the front door, there is a c.14 acres of parkland at your doorstep with the boardwalk offering access to the renowned Bray to Greystones Walk.

      Greystones also has much to offer but never feel like you’re cut off from city life either, with easy access to Dublin and all it has to offer provided by a regular DART service. The N11 and M50 are also just a short drive away.
      Given all that Marina Village offers in terms of sea views, outdoor living, connections and local amenities, this is the ideal place to spend the next chapter of your life. The Shore has just 34 semi and detached 4/5 bedroom family homes with nearly half either occupied or reserved to date.
      With prices from €775,000 for the Burford style and €875,000 for the Rowan detached style, some of the notable features of these truly stunning homes include:
      • Maintenance free, tasteful mix of brick and render exteriors.• PVC fascia, gutters and downpipes.• Composite front doors with secure locking system.• Driveways finished in Kilsaran paving.• Seeded gardens with secure post and panel fencing to rear gardens.

      Internal Finishes• Walls painted throughout in a mid-tone easy neutral paint with ceilings painted in white.• Quality interior joinery to include painted doors and contemporary skirting and architraves finished in an off-white satin paint.• Generous lighting and power points with chrome sockets and switches in the kitchen around the countertop area.• Smoke detectors and heat detectors fitted as standard.• TV connection in living, kitchen and master bedroom.• A-rated condensing Samsung heating pump heating system which is thermostatically controlled to maximise your comfort.• All homes are pre-wired for electic vechicle charge point.• Superb contemporary Bespace kitchen with soft close doors.• All kitchens are fitted with an upstand as in the show houses.• Stylish contemporary bathroom, ensuite and guest WC with elegant sanitary ware.• Beautiful taps, shower heads & bath fittings.• Carefully chosen tiles on all bathroom floors and wet areas as in our show houses.• uPVC double glazed A rated windows.• French two-tone double doors to back garden.• Shaker-style fitted wardrobes supplied by Bespace in master and second bedroom as in the show houses. Also fitted in third bedroom in 4 bed houses• All homes are A-rated and incorporate sustainable and renewable technology resulting in lower energy costs.• High level of insulation incorporated in floors, walls and roofs.• All houses are constructed to provide a high level of air tightness in order to retain heat.• Each Bellingsmore home is covered by a 10 year Homebond structural guarantee.
      For further details check out these stunning homes on MyHome.ie at www.myhome.ie/3728403 or visit https://glenveagh.ie/developments/marina-village-family-homes More

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      Massive boost to tourism sector with major rise in staycation interest

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      Searches on MyHome.ie in June for Irish holiday homes up 112% year-on-year
      Notable decline in interest when lockdown restrictions were at their height
      The domestic tourism sector is set to receive a significant boost this summer, with a major rise in the number of people searching for holiday homes around the country.
      Interest in staycations on the MyHome.ie property website soared in recent weeks as lockdown restrictions were eased – with a 112% increase in searches for “Irish holiday homes” in June 2020 compared with the same period the year before.

      However, during March and April – when Covid-19 cases escalated and lockdown restrictions were at their height – there was a marked decline in Irish holiday home searches on the MyHome.ie website. March saw a 48% year-on-year decline, while April saw a 41% decline over the same period.
      In May, there was a 28% increase in searches for Irish holiday homes compared with the same period in 2019 as the roadmap for lockdown easing began.
      The staycation trend looks set to benefit most tourism hotspots around the country, with significant increases in holiday home searches in June 2020 compared with June 2019 in counties including:
      Kerry: up 107%
      Sligo: up 105%
      Galway: up 83%
      Clare: up 57%
      Donegal: up 45%
      It also appears that the west is best for staycations, as searches for holiday homes in Dublin in June 2020 stayed relatively steady, up by just 6% compared with the same period in 2019.
      Angela Keegan, Managing Director of MyHome.ie, said: “These findings reflect the huge pent-up demand that exists among people after three months of lockdown, which will have a much-needed knock-on effect for a hospitality sector that has suffered badly as a result of Covid-19 restrictions. People need a holiday to look forward to after a tough year, and it looks like the domestic economy will benefit from the Government’s continued guidance to avoid non-essential foreign travel.”
      You can check out the selection of holiday homes on MyHome.ie here. More

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      Residential property prices increase by 0.3% nationally in the year to May

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      Residential property prices increased by 0.3% nationally in the year to May, according to the latest figures from the Central Statistics Office.
      This compares with an increase of 0.7% in the year to April and an increase of 2.6% in the twelve months to May 2019.
      In Dublin, residential property prices showed no change in the year to May – house prices increased by 0.2% and apartments increased by 0.9%. The highest house price growth in Dublin was in Fingal at 2.2%, while South Dublin saw a decline of 1.3%.
      Residential property prices in Ireland excluding Dublin were 0.7% higher in the year to May, with house prices up by 1.0% and apartments down by 1.5%. The region outside of Dublin that saw the largest rise in house prices was the South-West at 4.3% – at the other end of the scale, the South-East saw a 0.8% decline.
      Overall, the national index is 18.1% lower than its highest level in 2007. Dublin residential property prices are 22.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 21.1% lower than their May 2007 peak.
      Property prices nationally have increased by 82.7% from their trough in early 2013. Dublin residential property prices have risen 92.1% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 81.6% higher than at the trough, which was in May 2013. More

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      Private island off Cork coast sells for over €5.5 million

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      A luxurious private island off the west coast of Cork has been sold for over €5.5m to an anonymous European buyer, following months of negotiations during the Covid-19 lockdown.
      The purchase of off-market Horse Island, located off the coast of Schull in West Cork, has been facilitated by Mayfair-based real estate broker Montague Real Estate, who were first instructed to source the buyer a suitable island in December 2019.
      With the Covid-19 lockdown placing restrictions on meetings and travel, negotiations were undertaken between Montague Property and their client primarily over WhatsApp; a further stumbling block was that the client does not speak English.
      The 157-acre island boasts a natural, rugged landscape including three sandy beaches populated by seals, farming pastures and extensive natural wildlife.
      Seven luxury properties occupy the island, including a six-bedroom main house, two three-bedroom guest houses, two two-bedroom guest houses and two one-bedroom cottages. All the properties have views over the Atlantic and Roaring Water Bay, where guests can swim and scuba dive amongst dolphins.
      As well as six bedrooms, the Main House on Horse Island offers over 4,500 square feet of floor area, including double height ceilings, a guest wing, extra large panoramic windows, a roof terrace and Al Fresco courtyard. Amenities found at the other six guest properties include saunas, stoves, en-suite bathrooms and private gardens.
      Further luxury amenities found on Horse Island include a private pier for mooring ferries and private boats, a helipad, a games and gym house, a tennis court and a shipwreck play house. Entirely self-contained, the island also has its own electricity, water and sewage systems, as well as private roads providing access to all areas of the island.

      Horse Island boasts a rich history, having been home to a thriving copper industry between 1820 and 1874. In 1841, the population of the island peaked at 137 people, most of whom were employed in the mines. By 1965, all the inhabitants had left; some of the ruins of the old village and mangers’ houses can still be found on the island.
      Montague Real Estate facilitated the purchase of the property by sourcing a range of suitable islands that met their client’s criteria, instructing the legal teams required to complete the deal, providing comprehensive tax advice and undertaking all the relevant negotiations between buyer and seller.
      A number of other parties were also involved in the sale including Alex Robinson, from Knight Frank’s Private Office who brokered the deal, Ron Krueger of Engel & Völkers and selling agent Callum Baines of Colliers International.
      Thomas Balashev, Founder and CEO, Montague Real Estate said: “Horse Island is a unique trophy asset; sourcing the land off-market and getting the sale over the line during Covid-19 has been a challenge, so naturally we are delighted with this result.
      “We work on trust, not retainers, and will always be willing to go the extra mile to meet our clients’ bespoke needs. We look forward to working on more projects of this scale in the future.”
      Alex Robinson, Knight Frank’s Private Office said: “The sale of Horse Island is a great example of some significant deals that have taken place during lockdown and we are thrilled to have been part of it.
      “It highlights a trend that is becoming more apparent as the impact of Covid-19 is felt and people look to purchase property or land in remote locations.” More