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    Housing market resilient in face of Covid-19

    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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    One in 10 property sales renegotiated during Covid-19

    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

    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…
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    For further details on Glenveagh Homes visit www.glenveagh.ie More

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    Marina Village, Greystones: Perfect living in a modern world

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

    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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    MyHome.ie Webinar – A chat with Davy chief economist Conall Mac Coille

    We’re delighted to bring you the 10th MyHome.ie Webinar today.
    In this week’s episode, we chat to author of the MyHome.ie Property Report Conall Mac Coille, chief economist with Davy.
    Conall outlines what the report is telling us and discusses the various challenges the market will have as it looks to rebound out of lockdown.
    Check it out below…
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