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Property October 2016

Published: Nov 02, 2016
  • In the latest Daft property report, Ronan Lyons reports that:
    • September 2016 saw 25,000 properties for sale in Ireland. 
    • Q3 2016 reported house asking prices in Offaly up by 11.3% when compared to the same period the year before.  North Dublin had a 6.3% increase, North Dublin city had 6.5% increase, Kildare reported an 8.8% increase in asking prices.  Leitrim reported a 19.4% increase in asking prices. 
    • Overall for Q3 2016, house prices rose nationally by 3%.
    • Mr Lyons called for the government to tackle the price of building homes. 
    • Nationally, prices are up 35% from their lowest point which was Q3 2013 (but Q2 2012 for Dublin).
    • 33% of properties find a buyer within 2 months.
  • 50 construction cranes were present in the Dublin skyline at the start of October representing a 47% increase since February 2016, and an increase of 9% on September’s count.  The Irish Times carried out the survey.
  • Ulster Bank’s PMI for October increased to 58.7 as the construction sector continued its expansion.  The report covers 3 categories: housing, commercial and civil engineering.  It is now 39 consecutive months that new orders have increased.  
  • Budget 2017:
    • €1.2bn dedicated for housing in 2017, including 47,000 social houses.
    • There will be an additional €105 million for housing assistance payments scheme. This is an increase of 220pc compared to 2016.
    • A Help-To-Buy scheme for first-time buyers in the form of a 5pc grant on new-build homes. Maximum rebate is €20,000 on purchases up to €600k.  The minimum loan-to-value will be 70%.  Purchasers will need to hold the property for 5 years to avail of the full tax rebate.
    • The Help-To-Buy scheme will be back-dated to July 19th and run until the end of 2019.

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