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      Help-to-buy scheme extended in Budget 2021

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      The help-to-buy scheme for first time buyers was extended to the end of 2021 in the Budget on Tuesday.
      The scheme helps first-time buyers with the deposit needed to buy or build a new house or apartment with relief of the lower of 10% of the value of the property or €30,000 available.
      Public Expenditure Minister Michael McGrath signalled what he termed a “radical reappraisal on how we deliver housing.” in his Budget 2021 speech.
      Announcing a record level of funding for the Department of Housing – an increase of €773 million on last year – he said the Government will place a “much greater emphasis on building social and affordable housing.”
      He said his policy will deliver 9,500 social homes next year.
      The Stamp Duty Residential Development Refund Scheme due to expire on 31 December 2021 will also be extended to operations commenced by 31 December 2022.
      Stamp Duty Residential Development Refund Scheme provides for refund of a portion of the Stamp Duty paid on the acquisition of non-residential land where that land is subsequently developed for residential purposes.
      Minister for Finance Paschal Donohoe said that due to the impact on the sector of Covid-19, and also to certain issues that have been brought to his attention since its introduction, he is to make a number of changes to it this year.
      Apart from the extension to the expiration date, the time allowed between commencement and completion of a qualifying project is being extended by six months to two-and-a-half years.
      Michael McGrath allocated €110m for affordable housing and cost rental schemes in Budget 2021.
      Announcing the funding, the Minister said that thousands of people find themselves locked out of the property market due to high rents.
      He announced a total of €5.2 billion to the Department of Housing, Local Government and Heritage next year.
      Mr McGrath said that an extra €500m would facilitate the construction of 9,500 new social housing units in 2021 and a total of 12,750 units will be added to the social housing stock.
      He said there would be €65m to fund deep retrofitting of social housing stock.
      Minister McGrath promised an additional €22m to support homelessness programmes and the introduction of a cold weather initiative.
      He said a basic need in life is to have secure place to live and he said that for too many people in Ireland that need remains unfulfilled.
      Tackling homelessness was a top priority for Government, he said.
      Minister McGrath said that the country was able to deliver public housing when it was much poorer than it is today, and he said they would do this again.
      He said the Land Development Agency would play an important role in the Government’s affordable housing strategy into the future.
      The Minister said that the agency would have over €1.2bn of funding to progress the range of projects already under way.
      Responding to the Budget 2021 announcement, Dr David Duffy, Director of Property Industry Ireland (PII), the Ibec group for businesses working in the property sector, said: “Property Industry Ireland welcomes the commitment in the Budget to housing and capital spending.
      “The reference by Minister McGrath that the housing crisis will be solved through both public and private delivery of housing is positive. PII also welcomes the announcement of an Affordable Purchase Shared Equity Scheme for first time buyers.
      “While the budget allocated will mean that it will have limited impact on making more homes available, PII is ready to engage with the Department of Housing on the structure of the scheme to ensure that families can be in new homes as soon as possible.” More

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      in Residential

      MyHome.ie Webinar – Real Estate Alliance chairman Anthony McGee

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to Real Estate Alliance chairman Anthony McGee.
      Anthony, who runs REA McGee in Tallaght, discusses the impact of Covid-19 on the business, the launch of their new product BidNow and on the trends he has noticed in the Irish property market in recent months.
      Check it out below…
      [embedded content]
      For further details on Real Estate Alliance visit www.realestatealliance.ie. REA McGee’s website can also be found here. More

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      in Residential

      Cosy Cottages: Five of the best cottages on MyHome.ie right now

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      As we head into the shorter evenings there’s something comforting about the prospect of cosying up in front of the fireplace after a long day.
      Where better to do that than in one of the many fine cottages around Ireland.
      Here we look at five of the best available on MyHome.ie right now…
      Birch Cottage, Bannow, Co Wexford

      Stripe Cottage, Furbo, Co Galway

      Walnut Cottage, Coolacussane, Dundrum, Co Tipperary

      Claremoy Cottage, Clooneyogan South Moy, Lahinch, Co Clare

      Ruby Cottages, Carrigtishane, Rineen, Skibbereen, Co Cork More

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      in Residential

      MyHome.ie Webinar – A chat with buyers’ agent Breffnie O’Kelly

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to buyers agent Breffnie O’Kelly.
      Breffnie discusses what her job entails, how she can help you find your ideal home and how Covid-19 has changed consumer attitudes towards the housing market over the last six months.
      Check it out below…
      [embedded content] More

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      in Residential

      MFO The Property Professionals relocate to larger offices in Ballsbridge

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      Dublin estate agents MFO The Property Professionals have relocated from Ranelagh to a new larger office at 31 Waterloo Road in Ballsbridge, Dublin 4.
      Run by Marcus O’Connor, MFO The Property Professionals offers a range of property services including residential and commercial sales and lettings, property management, valuations and Building Energy Ratings.

      Marcus O’Connor of MFO The Property Professionals

      Speaking about the office move, Marcus said: “MFO The Property Professionals are delighted to announce having outgrown their old offices in Ranelagh Village they have now moved to larger premises at No. 31 Waterloo Road, Ballsbridge, Dublin 4.
      “Off the back of their 10 year anniversary in 2018 MFO continue to work hard and offer a professional service to all their clients contributing to this measured growth.”
      For further details on MFO The Property Professionals visit www.mfo.ie or call 01 497 9050. More

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      in Commercial

      Plough On – Some of the best farmhouses on the market right now

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      The Ploughing Championships were due to have taken place this week but, like many events this year, it has fallen victim to Covid-19.
      Thankfully, there is another event planned for Laois next year but the love of farming is a year round one.
      With that in mind, we decided to look at some of the best farms and farmhouses on the market right now around the country.
      Check them out below…
      Holly Farm, Rathdrum, Co Wicklow
      Loughbeg Farm, Lissacaha, Schull, Co Cork

      Knockadreet Farm, Knockadreet, Ashford, Co Wicklow

      Swanberry Farm, Pallas, Gorey, Co Wexford

      FoxMeadow House Stud Farm, Kileen, Mullinavat, Co Kilkenny More

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      in Residential

      Residential property prices fall by 0.5% nationally

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      Residential property prices decreased by 0.5% nationally in the year to July, according to the latest figures from the Central Statistics Office.
      By contrast was no change in the year to June and an increase of 2.2% in the twelve months to July 2019.
      In Dublin, residential property prices saw a decline of 1.3% in the year to July – house prices decreased by 1.2% and apartments increased by 0.4%. The highest house price growth in Dublin was in Dun Laoghaire-Rathdown at 1.3%, while Dublin City saw a decline of 2.7%.
      Residential property prices in Ireland excluding Dublin were 0.2% higher in the year to July, with house and apartment prices up by 0.3%. 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 1.6% decline.
      Overall, the national index is 17.7% lower than its highest level in 2007. Dublin residential property prices are 22.7% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.2% lower than their May 2007 peak.
      Property prices nationally have increased by 83.5% from their trough in early 2013. Dublin residential property prices have risen 91.4% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.6% higher than at the trough, which was in May 2013. More

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      No increase in Local Property Tax bills for 2021

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      Taxpayers will not have to face increased Local Property Tax bills for 2021 after the Finance Minister decided to defer the valuation date for the tax from November this year to November next year.
      Finance Minister Paschal Donohoe said that as with many aspects of the economy, the pandemic has introduced volatility into the residential property market.
      Mr Donohoe said he was also conscious of the need to allow sufficient time for the Revenue Commissioners to introduce the necessary changes to the LPT regime before any new valuation date.
      “Consequently I have decided to defer the valuation date from November 1, 2020 to November 1, 2021. With this new valuation date, there will be no change in LPT liabilities until 2022 at the earliest,” Mr Donohoe said.
      New homes purchased since since the introduction of the tax in 2013 have been exempt.
      The Minister said he will bring forward proposals for primary legislation to implement the Programme for Government commitments on LPT in early 2021.
      He said these proposals will be designed to ensure fairness and that most homeowners will face no increase in their LPT liabilities.
      They will also bring new homes, which are currently exempt from the LPT or outside of the tax, into the taxation system.
      “I will also seek to promote the other policy objectives that I consider should underpin the tax, ie protecting the overall LPT yield; maintaining the tax base with a small number of exemptions and upholding the progressivity of the tax,” Mr Donohoe added.
      A review into the property tax was undertaken in 2015 but no changes have been made since. More