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      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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      Stamp duty changes spur rise in interest from overseas buyers

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      Mortgage searches by advisers around visas and non-UK residents has seen a significant rise according to Legal & General Mortgage Club. Data from the SmartrCriteria tool, which helps advisers to determine whether a particular lender would consider a mortgage application from their client, shows that criteria searches related to ‘visas’ were ranked as the most searched term at the end of July.
      Throughout July, mortgage searches by advisers for ‘expats not in the UK’ also featured in the top 10 search terms, whilst a search combination of ‘expat not in the UK’ and ‘foreign income’ has remained in the top five searches by advisers. According to the data, one in every 22 residential searches is for a query relating to an applicant currently on a visa or an expat not based in the UK.
      The data also suggests that a growing number of overseas buyers are also reacting to recent changes to stamp duty, which include a 2% surcharge for non-UK buyers beginning in April 2021. SmartrCriteria searches related to applicants on a visa showed a 146% for buy-to-let searches, as well as 97% for residential criteria enquiries since May 2020. Of the residential visa searches made in July by advisers, 88% of applicants have a Tier 2 or other working visa and the majority (71%) have been in the UK for two years or more.
      The rise in visa-related enquiries coincides with increased interest from Hong Kong-based buyers as they turn their attention to the UK housing market. Recent industry data has shown a surge in demand from Hong Kong based buyers, which could grow further following the Government’s announcement on 22nd July of a new route to citizenship for 300,000 British National Overseas passport holders.
      Kevin Roberts, director at Legal & General Mortgage Club, said: “Britain’s housing market is bucking the trend and has faced unprecedented levels of demand since reopening in May, and now figures show that a growing number of overseas buyers are also taking interest in UK property. Our SmartrCriteria tool is tracking some of the key industry trends in the mortgage market’s new normal and shows recent announcements from the Government have clearly gained the attention of non-UK based buyers. Many are now looking to take advantage of the stamp duty holiday while also investing in the market before the 2% surcharge for overseas customers takes effect.
      “Our latest figures also coincide with increased interest from Hong Kong buyers, who are now looking to the UK housing market as a ‘safe haven’ amidst political uncertainty in the territory.
      “There is an opportunity for advisers to support many of these buyers, particularly if they have little to no credit history in the UK. Lending criteria is changing every day in the mortgage market at the moment, and advisers will be key in helping these borrowers and others to cut through the noise and find the best product for their particular circumstances.” 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

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      Fore of the best golfing homes on the market right now

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      News broke this week that the Ryder Cup had been postponed until September 2021 in the hope that crowds will be able to attend the bi-yearly team event between Europe and the USA.
      While that gives our captain Padraig Harrington more time to prepare for the trip to Whistling Straits, it also means that Adare Manor in Limerick will have the honour of hosting the event’s centenary in 2027.
      Golf was among the first sports to return as we came out of lockdown but for a fortunate few, they were able to practice their putting even when the country was shutdown due to Covid-19.
      We decided to take a look at some of the best golfing homes on the market right now that is sure to appeal to golf fans.
      Kildarick, Old Rathmichael, Quarry Road, Rathmichael, Dublin 18

      Type: 5 bed detached house
      Estate Agent: Daphne Kaye & Associates
      Asking price: €2,375,000
      Summerhill, Marino Avenue West, Killiney, Co. Dublin

      Type: 7 bed detached house
      Estate Agent: Lisney
      Asking price: €8,900,000
      75A Sandymount Road, Sandymount, Dublin 4

      Type: 3 bed semi-detached house
      Estate Agent: McNally Handy
      Asking price: €995,000
      Augusta Lodge, Golf Course Road, Westport, Co Mayo

      Type: 12 bed detached house
      Estate Agent: Sherry FitzGerald Crowley
      Asking price: €850,000 More