With the demand for new homes in the Dublin area far outstripping supply, and prices increasingly going outside the reach of many first-time buyers, a new market is fast emerging for small twobedroom homes to cater for young couples.
Dublin's largest housebuilding firm, Menolly Homes, is to embark on its first venture into this segment of the market today when it launches 36 two-bedroom townhouses off the plans at Navan Road, Dublin 15.
Prices for the 770 sq ft units will be £105,000 for mid-terrace homes and from £108,000 for end-of-terrace locations. Brendan Byrne of the Ross McParland agency is to handle bookings for the houses which mark the final phase of the Bramblefields scheme near Clonee. The 36 homes will be built in blocks of six and will be ready for occupation in May and June.
With house prices continuing to move upwards, though at a slower rate than last year, a significant gap is developing between what young buyers can afford and what developers charge for basic three-bedroom semis.
The decision by Menolly, and a small number of other developers, to switch to two-bedroom homes should help these couples to get their feet on the first rung of the property ladder. The likelihood is that buyers will trade up within the immediate area once they can afford to do so, opening the way for first-time buyers to acquire their first homes.
Menolly has sold almost 1,000 homes on its huge site off the Navan Road over the past 20 months, a sales record that is not likely to be equalled for some time to come. The company's policy of keeping prices reasonably stable over that period allowed it to achieve high volume sales.
It still has land for another 700 houses in the same area and by running several building operations simultaneously, it expects to complete the development programme later this year.
The selling agents say that the two bedroom homes will be ideal for modern, suburban living. They will be finished to a high standard with wardrobes in both bedrooms and an additional closet in the main bedroom.
The front door will open into a small porch and, off it, there will be a decent sized lounge with the stairs running from it to the first floor. The combined kitchen/dining area will extend across the entire rear of the house and though the galley style kitchen may not be to everyone's liking, it will be perfectly adequate, say the agents. The fit-out will include Shaker-style units. There will also be lots of ESB sockets, piped TV and telephone points in the main bedroom as well as the lounge. Front and rear gardens will be seeded and the back garden will have a Barna shed.
