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    Residential property prices up by 2.2% in year to December

    Residential property prices for houses and apartments increased by 2.2% nationally in the year to December, according to the latest figures from the Central Statistics Office.
    This compares to an increase of 0.2% in the year to November and an increase of 0.3% in the twelve months to December 2019.
    In Dublin, residential property prices saw an increase of 1.2% in the year to December, while property prices outside Dublin were 3.1% higher.
    In Dublin, house prices increased by 0.2% and apartment prices increased by 5.1%. The highest house price growth in Dublin was in South Dublin at 3.2%, while Dublin City saw a decline of 1.8%.
    Outside Dublin, house prices were up by 3.1% and apartment prices up by 4.0%. The region outside of Dublin that saw the largest rise in house prices was the South East at 5.3% – at the other end of the scale, the Mid-West saw a 1.9% decline.
    Overall, the national index is 16.1% lower than its highest level in 2007. Dublin residential property prices are 21.8% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 18.1% lower than their May 2007 peak.
    Property prices nationally have increased by 87% from their trough in early 2013. Dublin residential property prices have risen 93.6% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 88.4% higher than at the trough, which was in May 2013. More

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    Guidelines for property viewings updated due to rising level of Covid-19 cases

    Updated guidelines regarding property viewings have come into effect from today.
    The Property Services Regulatory Authority (PSRA), the Institute of Professional Auctioneers & Valuers (IPAV) and the Society of Chartered Surveyors Ireland (SCSI) have updated their ‘Property Services Providers Guidance to implementing Plan for Living with Covid-19‘ document which was released last year.
    The document was originally published last October to guide agents on how to operate under the various levels of the Government’s Living with Covid strategy.
    Given the rising number of Covid-19 cases over the Christmas and New Year period, new restrictions have come into effect today which will be reviewed on January 31st.
    The biggest change is that there will now be no in-person viewings of properties unless you’re already at the sale agreed stage with contracts signed.
    A statement from the PSRA said: “Due to the increasing and deeply concerning daily COVID-19 case numbers in Ireland over the very recent period, Government has requested that further tightening of restrictions in delivery of property services be addressed and implemented.
    “Accordingly, IPAV, PSRA and SCSI have reviewed and updated the Property Services Providers Guidance to Implementing a Plan for Living with Covid-19.
    “The revised Guidance document is updated to reflect the further tightening of restrictions in the provision of property services effective from 13 January 2021, which will be reviewed on 31 January 2021.
    “It is critical that you read and fully understand the new section ‘Level 5 Restrictions effective on 13 January 2021 for review on 31 January 2021’ in the document.
    “In order for property service providers, customers and the public remain safe and well, you are requested to comply with these new revised guidelines during the provision of all property services.”
    The guidance can be read in full here. More

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    Top 10 most viewed properties on MyHome.ie in 2020

    It has been a year like no other for the Irish property market with Covid-19 having an impact on our lives even down to how we view property. While the pandemic has had an impact on sales and stock, traffic to MyHome.ie has flourished with many people dreaming of that dream home. That was a…
    The post Top 10 most viewed properties on MyHome.ie in 2020 appeared first on MyHome.ie Advice & Blog. More

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    Residential property prices decrease by 0.8% nationally in the year to September

    Residential property prices decreased by 0.8% nationally in the year to September, according to the latest figures from the Central Statistics Office (CSO).
    This compares to a decrease of 0.9% in the year to August and an increase of 1.1% in the twelve months to September 2019.
    In Dublin, residential property prices saw a decline of 1.8% in the year to September, while property prices outside Dublin were 0.1% higher.
    In Dublin, house prices decreased by 1.6% and apartment prices decreased by 0.6%. The highest house price growth in Dublin was in Fingal at 2.1%, while Dublin City saw a decline of 4.2%.
    Outside Dublin, house prices were up by 0.2% and apartment prices up by 0.4%. The region outside of Dublin that saw the largest rise in house prices was the Midlands at 4.0% – at the other end of the scale, the Mid-West saw a 5.7% decline.
    Overall, the national index is 17.6% 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 20.1% lower than their May 2007 peak.
    Property prices nationally have increased by 83.7% from their trough in early 2013. Dublin residential property prices have risen 91.5% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.9% higher than at the trough, which was in May 2013. More

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    Housing market showing resilience in the face of Covid-19

    The housing market has not been severely impacted by Covid-19 and has outperformed expectations, according to a new report from Goodbody.
    Its latest BER Housebuilding Tracker – which it calculates using data from Building Energy Regulation certificates – estimates that 5,500 units were completed in the third quarter of the year.
    That was up from 3,290 in the second quarter of the year, when the pandemic restrictions were at their most severe and building sites were closed down for several weeks.
    According to Goodbody’s calculations, that left output just 3% lower year on year.
    “This suggests that productivity levels have not been as severely affected by social distancing measures as we would have feared,” Dermot O’Leary, chief economist with Goodbody said.
    “We now expect 20,000 units to be completed this year, down 8% year on year, and up from our previous estimate of 16,500,” he said.
    The Central Bank estimates that 35,000 completions a year are needed to satisfy demand.
    However, Goodbody also said there were some indications that the impact of the Covid-19 pandemic may be longer lasting.
    Many of the completions in the most recent quarter were accounted for by developments being completed at a faster pace.
    In the three months to August, housing starts fell by over a third.
    Goodbody also revised downwards its expectation for house price reductions.
    It now expects prices to fall by 5% by the middle of next year – half its previous forecast.
    Rents are expected to fall to a greater extent, the stockbrokers also predicted.
    “Mortgage lending is making some recovery, but we still expect new lending to fall 20% in 2020, before growing by 9% next year,” Mr O’Leary said.
    “Given the unpredictable nature of the virus and the government reaction to it, forecasts are still subject to a higher degree of uncertainty than normal,” he added.

    Tags: Ber housebuilding tracker, Goodbody

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    Residential property prices down 0.6% in the year to August

    Residential property prices decreased by 0.6% nationally in the year to August, according to the latest figures from the Central Statistics Office (CSO).
    This compares to a decrease of 0.6% in the year to July and an increase of 1.9% in the twelve months to August 2019.
    In Dublin, residential property prices saw a decline of 1.6% in the year to August – house prices decreased by 1.4% and apartments increased by 0.1%. The highest house price growth in Dublin was in Fingal at 1.7%, while Dublin City saw a decline of 3.4%.
    Residential property prices in Ireland excluding Dublin were 0.3% higher in the year to August, with house prices up by 0.4% and apartments down by 0.7%. The region outside of Dublin that saw the largest rise in house prices was the South-West at 5.2% – at the other end of the scale, the Border saw a 2.7% decline.
    Overall, the national index is 17.6% lower than its highest level in 2007. Dublin residential property prices are 22.6% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.1% lower than their May 2007 peak.
    Property prices nationally have increased by 83.8% from their trough in early 2013. Dublin residential property prices have risen 91.8% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.9% higher than at the trough, which was in May 2013. More

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    Help-to-buy scheme extended in Budget 2021

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

    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