On the basis that affordability and availability of new homes are the key drivers for buyers, new policy measures to stimulate both these requirements are aimed at getting the market moving again.
Good news for buyers and developers then?
A lot of the good news has been targeted on the demand side, ie. towards first time buyers, who from January 1st can avail of an increased loan to value ratio of 90 per cent for both new and second hand homes. The upshot is that a buyer of a €400,000 new home who previously needed a €58,000 deposit, from January 1st will need a deposit of just €40,000. A further requirement is that the loan should not exceed 3.5 times the buyer’s gross annual income, although greater latitude has been extended to the banks to allow for more discretionary approvals. From this month, the Central Bank has amended its rule on allowances to allow banks to offer Loan-to-Values of more than 80 per cent to 20 per cent of second-time buyers. This means that one in five of those trading up will not need a 20 per cent deposit – a significant improvement that applies to both first-time buyers and those trading up.
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In addition a “Help to Buy” tax rebate was unveiled in the Budget for first-time buyers – essentially a grant to builders – that will give a rebate of income tax of 5 per cent of the purchase value of a newly built home, up to a value of €400,000. That translates to a maximum rebate of €20,000 in cash. Back dated to July of last year it will run until 2019.
In reality this will likely translate into a 5 per cent increase in the purchase cost of new homes, with the builders pocketing the benefit. Also on the supply side a fast-track planning system is pending that will see developers seek permission directly from An Bord Pleanala for estates of 100 units or more. While innovative in theory, there is a lot of concern within the industry as to how this can work practically.
Because the minimum lending cap has been extended to all first time buyers – including buyers of second hand homes – the expectation is that 2017 should see more people moving into the market, and a subsequent easing of the overburdened rental sector as renters become homeowners.
This may alleviate anticipated price increases for new homes next year because first time buyers can also avail of preferential lending facilities to compete for second hand homes.
The supply of properties remains tight however. New homes schemes are still way below what’s required to meet current and future population demands. Ireland needs to be building about 35,000 residential units per annum to meet demand; in 2016 only about 40 per cent of this figure was achieved.
Latest Knight Frank research found that most developers saw the imposition of the Central Bank’s minimum lending requirement last year as a negative measure. They argued that the cooling effect constrained new housing supply because building costs remained high. New homes are costing an average of €43,000 more now than a year ago – a 20 per cent increase over the year. To achieve returns builders are chasing higher margins on fewer properties. However with the recent relaxation of the lending measures, and moves to help first time buyers, 54 per cent of developers said the new help-to-buy scheme would be effective in boosting construction here.
The only certainty is that 2017 will be a very interesting year in the property market as the effect of latest Government and Central Bank measures begin to make an impact. For those thinking of buying a house, see our list here of new homes schemes already under way and due for launch in 2017. Further schemes large scale schemes will come on stream next year for completion in subsequent years as momentum grows towards meeting the minimum new homes requirement of 35,000 units annually.
SPRING
Lansdowne Place, Ballsbridge, Dublin 4
Developer: Chartered Land.
Luxury development of 215 apartments on Lansdowne Road. Early sales will be through a purpose-built marketing suite on site. First phases due for completion early 2018.
Joint agents: Sherry FitzGerald & Savills
Waverly, Greystones, Co Wicklow
Developer: Newlyn Construction
A mixture of three, four and five bed family homes in the seaside village of Greystones.
Agent: Sherry FitzGerald
Clonlara, Cork City
Developer: O Flynn Construction
First phase of a mixture of 143 semi-detached and detached homes.
Agent: Sherry FitzGerald
Kinsale Manor, Kinsale, Co Cork
Developer: Gannon Homes
First phase of a mixture of 136 semi-detached and detached homes.
Agent: Sherry FitzGerald
Neptune House, Blackrock, Co Dublin
Developer: Bushell Investments
Unique development of four very large apartments within the renovated Neptune House and 15 modern family (semi-detached & detached) homes.
Agent: Sherry FitzGerald
Knockrabo, Mt Anville Rd, Dublin 14
Developer: Maplewood Residential
First 15-20 unit phase of a 47-unit housing scheme. Selection of four and five-bed semis from 1,776sq ft to 2,232sq ft and some four-bed detached of 1,675sq ft, plus small number of three-bed detached of 1,400sq ft. Estimated prices between €750,000 and €950,000. Further 41 apartments will be launched in late 2017 or early 2018.
Agent: DNG
Terenure Gate, Terenure Road West, Dublin 6.
Developer: Kimptonvale
12-15 four-bed mid-terrace (1,837sq ft) and four-bed end of terrace (2,043sq ft) houses. 29 houses (a mix of three and four beds) and 11 two-bed ground floor apartments and 11 three-bed duplexes above them. Four-beds likely to range in price from €750,000 to €890,000. Prices on the apts and duplexes will be confirmed closer to their launch.
Agent: DNG
Odin's Way, off Taylor's Lane, Rathfarnham, Dublin 16
Developer: Rosemount Properties
30 four-beds beside Marley Park. Selection of mid-terrace and end of terrace four- bedroom houses of 1,560sq ft plus four-bed semi-detached houses of 1,647sq ft. Price expected between €550,000 and €650,000.
Agent: DNG
Hawthorn Gate, Maynooth Rd, Celbridge, Co. Kildare
Developer: Bourke Builders
26 houses in the heart of Celbridge. Four-bedroom semi-detached houses (a number have sold off plans). Prices around €390,000. Some five-bed detached houses on corner sites starting from around €550,000. A few three-bed houses to be built later will be released from plans and priced around €300,000.
Agent: DNG
Oaktree, Tully Road, Kildare Town
Developer: Grandbrind
160 houses aimed at first-time buyers. Good transport links from the doorstep to Dublin. Initial launch of 20-25 three-bed semis of 1,175sq ft to 1,259sq ft priced at around €250,000. Completions scheduled before Easter.
Agent: DNG
Bolands Quay, Barrow Street, Dublin 4
Developer: Boland's Quay Development Group
Much anticipated development on site of former Bolands Mill in south docklands. Entire BKD Architects designed scheme will comprise around 36,851 sq m (approx. 397,000sq ft) of office, residential, retail and café, restaurant and exhibition space. Residential element will comprise 41 units in total. There will be 31 apartments/duplexes and penthouses.
Price: TBC
Agent: DNG
St Marnock's Bay, Portmarnock, Co. Dublin
Developer: Ballymore
40 three, four and five-bed houses
Price: TBC
Agent: Savills
Alderlie, Adamstown, Lucan, Co Dublin
Developer: Castlethorn
62 three and four-bed houses from €270,000.
Agent: Savills
Grace Park Wood, Grace Park Road, Drumcondra, Dublin 9
Developer: Castlethorn
60 three and four-bed houses. Prices expected from €450,000.
Agent: Savills
Abbey Road, Monkstown, Co. Dublin
Developer: Greenleaf Homes
29 apartments, duplex and houses.
Price: TBC
Agent: Savills
Whitegables, Malahide, Co Dublin
Developer: Greenleaf Homes
13 four-bed houses from €660,000
Agent: Savills
Silverbanks, Baldoyle, Dublin 13
Developer: Mazars
Phase one, some 55 units, one, two, three and four- beds (apartments and houses).
Price: TBC from €155,000
Agent: Savills
Enderly, Cunningham Drive, Dalkey, Co. Dublin
Developer: Twinlite
18 two, three and four-bed luxury houses.
Price: TBC
Agent: Savills
Barnageeragh Cove, Skerries, Co Dublin
Developer: Winsac
Phase one, 25 three- and four-bed houses.
Price: €300,000+
Agent: Savills
Castelynn, Bray
Developer: Knockree Developments
Three and four-bedroom houses (11)
Price: TBC
Agent: Hooke & MacDonald
Hawthorn, Bird Avenue, Clonskeagh, Dublin
Developer: Brian M Durkan
Two and three-bed apartments and duplexes, and three and four-bed houses.
Price: TBC
Agent: Hooke & MacDonald
Marianella, Rathgar, Dublin 6
Developer: Cairn Homes
One, two and three-bedroom apartments and three and four-bedroom houses. 211 units in total. First phase sold off plans, this will be showhome launch
Prices: TBC
Agent: Hooke & MacDonald/Knight Frank
Holsteiner Park, Williamstown Stud, Clonee, Co Meath
Developer: Bridgedale Homes
21 four/five -edroom detached homes of 3,000sq ft+
Agent: Knight Frank
48 & 50 Garville Lane, Rathgar, Dublin 6
Developer: Commodum Developments
Four-bed terraced mews houses.
Price: €800,000+
Agent: Knight Frank
Bolton Park, Rathfarnham, Dublin 16
Developer: Homeland Projects
Four-bedroom semi-detached and detached houses.
Agent: Knight Frank
Hazelbrook, Kinsealy Lane, Malahide
Developer: Carroll Premier Homes
Four-bedroom semi-detached and detached homes. 40 units in total.
Agent: Knight Frank
Silken Park, Citywest
Developer: Durkan Residential
60 two, three and four-bed houses from 84sq m/904sq ft to 120sq m/1,292sq ft.
Prices: €250,000 and €350,000
Agent: JLL
Grattan Court East, Mount Street, Dublin 2
Developer: Zest Homes
Boutique passive homes scheme of seven townhouses/duplexes. Prices estimated between €995,000 and €1,100,000.
Agent: JLL
Hayfield, Maynooth, Co. Kildare
Developer: Westin Homes
A mix of 65 2, 3 and 4 bedroom townhouses with prices starting from €289,000.
Agent: REA Coonan
Carton Grove, Maynooth, Co. Kildare
Developer: Orivo Properties
143 semi-detached, townhouses, duplexes and apartments with prices TBC at launch in Spring 2017.
Agent: REA Coonan
The Ryebridge, Kilcock, Co Kildare
Developer: Merlon Developments Ltd.
The final phase of 70 3 & 4 bedroom semi-detached homes to be released in Spring 2017.
Agent: REA Coonan
Hazelwood, Celbridge, Co Kildare
Developer: Careys New Homes
Mix of large 3 & 4 bedroom semi-detached homes with prices starting from €382,500
Agent: REA Coonan
Croftwell, Rathcoole, Co. Dublin
Developer: Milanville
Mix of large three and four-bed semi-detached and townhouses with prices from €330,000
Agent: REA Coonan
Oldtown Wood, Naas, Co Kildare
Developer: Westin Homes
A new development of 50 detached and semi-detached homes with prices TBC. Agent: REA Coonan
Holsteiner Park, Williamstown Stud, Clonee, Co Meath
Developer: Bridgedale
A new development of 21 large detached homes of 3,000sq ft+ with prices TBC at show units launch in Summer 2017.
Joint Agent: REA Coonan & Knight Frank
Maynooth Road, Kilcock, Co Kildare
Developer: McGarrell Reilly
New development of 150 units expected to open in Summer 2017. Large detached and semi-detached homes with prices TBC at launch.
Agent: REA Coonan
Struan Hill, Piory Road, Delgany, Co Wicklow.
Twelve 5-bed detached homes of 3,000 sq ft on an elevated site. Plus one period house extending to 6,000sq ft.
Prices: TBC Launching late summer/autumn
Agent: Colliers International
AUTUMN
The Paper Mill, Clonskeagh, Dublin 14
Developer: Gannon Homes
30 luxury apartments.
Price: TBC
Agent: Savills
Vernon Avenue, Clontarf, Dublin 3
Developer: Greenleaf Homes
20 two and three-bed houses.
Price: TBC
Agent: Savills
SECOND PHASES
Albany, Killiney Hill Rd, Killiney, Co Dublin
Developer: Cairn Home
A mixture of 4- and 5-bed detached and semi detached houses
Agent: Sherry FitzGerald
Abbot's Grove, Knocklyon, Dublin 16
Developer: Winterbrook
A mixture of three and four-bed houses, 44 units for release in spring.
Agent: Sherry FitzGerald
Belltree, Clongriffin, Dublin 13
Developer: Gannon Homes
A mixture of 70 two- and three-bed terrace and end of terrace houses.
Agent: Sherry FitzGerald
Millers Glen, Swords, Co Dublin
Developer: Gannon Homes
A mixture of 130 three and four-bed houses.
Agent: Sherry FitzGerald
Hansfield Wood, Dublin 15
Developer: Alanna
A mixture of 50 two, three and four-bed houses.
Agent: Sherry FitzGerald
Hamilton Park, Castleknock, Dublin 15
Developer: Park Developments
A mixture of three, four and five-bed houses, semi and detached family homes, 30+ apartments coming in the new year.
Agent: Sherry FitzGerald
Marina Village, Greystones, Co Wicklow
Developer: Bridgedale Homes
A mixture of three, four and five-bed terraced, semi and detached family homes. Second phase of 30+ units due for release early spring, apartments to follow later in the year
Agent: Sherry FitzGerald
Rokeby Park, Lucan, Co Dublin
Developer: O'Flynn Construction
Large detached houses, 20 to be released in spring.
Agent: Sherry FitzGerald
Stepaside Park, Stepaside, Dublin 18
Developer: McGarrell Reilly
A mixture of four and five-bed detached homes, 20 units to be released in spring.
Agent: Sherry FitzGerald
SeaGreen, Greystones, Co Wicklow
Developer: Wood Group Homes
A mixture of three, four and five-bed semi detached and detached homes. 25 to be released in spring
Agent: Sherry FitzGerald
Wilkins View, Limekiln, Dublin 12
Developer: Jackie Greene Construction
A mixture of four and five-bed detached homes, 30 to be released in spring.
Agent: Sherry FitzGerald
Wicklow Hills, Newtownmountkennedy, Co Wicklow
Developer: Tower Homes
A mixture of two, three, and four-bed terrace, semi-detached and detached houses. 58 units to be released in January.
Agent: Sherry FitzGerald
Beechpark, Leixlip, Co Kildare
Developer: Kilbegnet Developments
Final phase of mainly four-bed semi-detached A3 rated houses of around 1,426sq ft . Prices from €375,000.
Agent: DNG
Dodder Brook, Ballycullen, Dublin 24
Developer: Maplewood Residential
A3 rated three and four-bedroom semi, terraced and detached houses. Prices between €330,000 and €430,000.
Agent: DNG
Elder Heath, Kiltipper, Dublin 24
Developer: Kelland Homes
Range of three and four-bedroom semi-detached, three-bed terraced and four-bed detached houses. Prices for three-beds expected from €280,000.
Agent: DNG
Castlegrange, Castaheany, Dublin 15
Developer: La Vista (Part of the Lynam Group).
Final release of three-bed semi-detached and four-bed detached houses. Prices for three-bed semis from €310,000
Agent: DNG
Hollywoodrath, Hollystown, Dublin 15
Developer: Regency
Latest phase of 30 three and four-bed houses. 455 houses in total.
Agent: Knight Frank
Stonebridge, Ratoath, Co Meath
Developer: Kingscroft
Latest phase of three and four-bedroom semi-detached and detached homes. 66 houses in total.
Agent: Knight Frank
Dunluce, Angelsea Road, Ballsbridge
Developer: Blackhall Green Homes
Next phase of two and three-bedroom apartments from €775,000.
Agent: Hooke & MacDonald
Fairhaven, Phoenix Park Racecourse, Castleknock, Dublin 15
Developer: Flynn & O'Flaherty
Next phase of 20 three and four-bed semi-detached and detached houses from €500,000 to €620,000
Agent: Hooke & MacDonald
Hanover Lofts, Dublin 2
Developer: Dublin Loft Company
One and two-bedroom apartments (15).
Prices: TBC
Agent: Hooke & MacDonald
Cualanor, Upper Glenageary Road, Dún Laoighaire
Developer: Cosgrave Group
Next phase of 20 houses in Roseland, four and five-bed houses from €715,000 to €800,000, also 30 one,two, three-bed apartments launching in 2017.Price: TBC.
Agent: Hooke & MacDonald
Bracken Park, Carpenterstown Road, Castleknock, Dublin 15
Developer: Cosgrave Group
Final phase of 10 four and five-bed semi-detached house, from €615,000 to €735,000.
Agent: Hooke & MacDonald
Ardilea Crescent, Heidelberg, Ardilea, Dublin 14
Developer: O'Malley Construction
Next phase of 10 houses and a further 50 apartments to launch in autumn. Four-beds from €875,000 to €1.35 million
Agent: Hooke & MacDonald
Parkside, Balgriffin, off the Malahide Road, Dublin 13
Developer: Cairn Homes
Next phase of 40 three and four-bed houses from €315,000 to €385,000.
Agent: Hooke & MacDonald
Diswellstown Manor, Porterstown Road, Dublin 15
Developer: David Carson Receiver Deloitte
Final phase of 10 four and five-bed houses from €500,000 to €630,000+
Agent: Hooke & MacDonald
Cuil Duin, City West
Developer: Harcourt Developments
Second phase of 40 three and four-bed houses from €295,000 to €400,000+
Agent: Hooke & MacDonald
Churchfields, Ashbourne, Co. Meath
Developer: Cairn Homes
Second phase of 30 three and four-bed houses from €272,000 to €340,000+
Agent: Hooke & MacDonald/Rea T & G Gavigan
Blackberry Hill, Carrickmines, Dublin 18
Developer: McGreevy Construction
Final phase of 30 four-bed houses. Prices between €650,000 and €695,000.
Agent: JLL
Carton Wood, Dublin Road, Maynooth, Co Kildare
Developer: Anthony Neville
Second phase of 25 three, four and five-bed semi-detached and detached houses from €295,000.
Agent: Savills
Woodbank, Dublin Road, Shankill, Dublin 18
Developer: Ravenshall
Phase two, 20 four-bed houses from €525,000 to €625,000.
Agent: Savills
Moyglare Hall, Maynooth, Co Kildare
Developer: Mycete Homes & North City Builders
Approximately 70 large three, four and five-bed semi-detached and five-bed detached homes remaining to be released.
Agent: REA Coonan
Cherryvalley, Rathmolyon, Co Meath.
Developer: Cloncurry Homes Ltd.
Last 6 units being completed in a development of semi-detached and detached homes. Prices from €232,500.
Joint Agent: REA Coonan
AUTUMN
New Priory, Hole in the Wall Road, Dublin 13
Developer: DCC
Second phase of 50 two-bed apartments and duplexes from €165,000 to €205,000.
Agent: Hooke & MacDonald
