A total of 260 prospective house buyers are vying for the first 16 homes in Dublin City Council’s flagship affordable purchase housing estate, Oscar Traynor Woods in Coolock.
Applications to buy the State-subsidised houses, with prices ranging from €254,358 to €475,000, closed earlier this week, with eligible buyers now facing a lottery for selection to buy the homes. It means the interested parties have a 6 per cent chance of securing one of the properties.
The scheme works by offering eligible buyers a discount on the market value, with the State taking an equity stake in the home to reflect the discount given. Local authorities advertise a range of eligible incomes for each affordable housing estate, with buyers on lower incomes paying less, but the State taking a higher stake in their homes than with people on higher incomes.
For Oscar Traynor Road, four three-bedroom houses were on offer, which the council and independent estate agents had valued at €500,000.
Households with a minimum income of €81,000 could apply to buy these homes and would pay €360,931, with the council taking a 27.81 per cent stake in the house. Households with a maximum income of €106,875 were eligible to buy the same house, but would pay €475,000, with the council holding a 5 per cent stake.
Eight two-bedroom houses were also available, priced from €325,769 for those with incomes of €72,000 and €427,500 for earners on €96,188. These homes have market values of €450,000.
Four one-bedroom “maisonettes” had prices starting at €254,358 for those with incomes of €56,000 and going up to €308,750 for buyers with incomes of €69,469. These homes have been valued at €325,000.
In all cases, the State’s stake is repayable upon the sale of the property or when a maximum of 40 years has passed.
The council drew considerable criticism when it initially advertised the 16 houses in June over the costs of the homes, aimed at low- and middle-income workers. It subsequently widened the eligible income bands for prospective buyers, introducing lower household income limits.
The 16 homes are currently under construction by developer Glenveagh and are due for completion early next year, the council said. The estate will have a total of 835 homes, 40 per cent of which will be used for social housing, and 40 per cent for a cost-rental scheme, along with 20 per cent affordable purchase homes. The estate is due for full completion by 2027.
The council’s first affordable housing scheme – 12 homes under construction by not-for-profit housing body Ó Cualann in Ballymun – also went on sale this summer.
The houses at Oileáin na Crannóige were considerably cheaper than at Oscar Traynor Woods, with three-bed houses costing from €264,285 to €304,000.
Despite the lower cost, just 68 people applied to buy the homes. Offers have been made in recent weeks to the 12 successful applicants, who were chosen by lottery. These homes are due for completion by the end of this year.
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