A new local authority mortgage scheme offers the possibility of buying a home for those who haven’t been able to get a mortgage, and for a better interest rate than on the open market. But in an overheated market, what sort of home can be bought for within the house price limits for the scheme?
The scheme, which will commence on February 1st, is aimed at first-time buyers with salaries of up to €75,000. It offers low-interest rate mortgages (starting at just 2 per cent fixed) to buyers of properties worth up to €320,000 in the greater Dublin area, Cork and Galway. The ceiling in the rest of the country will be €250,000.
The greater Dublin area for these purposes includes "commuter counties" Meath, Wicklow, Kildare and Louth., The mortgages will be on homes up to €320,000 purchase price (with a maximum mortgage of €288,000).
In some areas of Dublin, €320,000 or less in the current market will buy a two-bedroom apartment. If you spread the net wider, and especially into surrounding counties, you get a little more for that money.
Here are some examples of what’s on offer at the moment on myhome.ie, under the €320,000 limit, in the Dublin area, Cork and Galway.
The asking prices here could rise if there bidding on the homes, as supply is still severely limited. Therefore all of these have an asking price of less than €300,000.
Dublin city and county
186 St Attracta Road, Cabra, Dublin 7: €295,000
Two-bedroom end-of-terrace, in good condition in a mature part of east Cabra, minutes from Phibsboro, close to schools, shops and DIT with good public transport including Luas. Large garden and kitchen extension.
Agent: Property Team Lappin Estates. More details here
19 Riverbank, Rathfarnham, Dublin 14: €299,000
Two-bedroom, two-bathroom first-floor apartment with a balcony, on the Dodder Park Road, close to lots of amenities including Rathfarnham village and Bushy Park. Spiral stairscase to the attic conversion with second bedroom and WC. Own-door access and car parking.
Agent: Castle Estate Agents. More details here
33 Drumcliffe Drive, Cabra, Dublin 7: €295,000
A two-bedroom end-of-terrace house that needs modernisation, but has room to extend to the side and rear (subject to planning permission).
Agent: DNG Phibsboro. More details here
111 Jamestown Road, Inchicore, Dublin 8: €295,000
Three-bedroom end-of-terrace house, convenient to Dublin city centre, in good order with original fireplaces and a 50ft back garden and off-street parking.
Agent: Murphy Mullan. More details here
3 Allenton Road, Old Court, Dublin 24: €310,000
Three-bedroom, two-bathroom semi-detached house in good condition in a mature housing development off Firhouse Road. Convenient location, close to Old Bawn and other shopping centres, Tallaght Hospital and the institute of technology.
Agent: JP&M Doyle Terenure. More details here
13 Derry Park, Crumlin, Dublin 12: €295,000
Terraced two-bedroom house in a mature residential area of Crumlin, well maintained, with Kingspan insulation, Super Seal windows and an upgraded front door with multipoint locking, plus a large south-facing garden with office/studio.
Agent: Sherry FitzGerald Sundrive. More details here
5 Johnstown House, Glasnevin, Dublin 11: €170,000
One-bedroom top-floor apartment which needs complete internal refurbishment, within walking distance of lots of amenities.
Agent: DNG Phibsboro. More details here
371 Bachelors Walk, City Centre, Dublin 1: €260,000
Two-bedroom top-floor apartment in good condition in the heart of Dublin city centre, in a gated development beside Ha'penny Bridge. It has a balcony and communal gardens.
Agent: Property Team Lappin. More details here
Commuter counties
51 O’Byrne Road, Bray, Wicklow: €280,000
Three-bedroom mid-terraced house that needs modernisation. Just off the Vevay Road, within walking distance of shops, schools and public transport.
Agent: Mitchell Douglas. More details here
10 Martello Manor, Strand Road, Bray, Wicklow: €290,000
Two-bedroom apartment overlooking Bray esplanade and prom, close to amenities. Could do with refurbishment. One of a small number of apartments in a mature development. Agent: Dooley Auctioneers. More details here
220 Charlesland Court, Greystones, Wicklow: €279,950
Terraced two-bedroomed, two-bathroom house in good condition, with a partially converted attic which needs cosmetic finishes, west-facing gardens and decking. There's a free shuttle bus between Charlesland and the Greystones Dart station.
Agent: Property Partners O'Brien Swaine. More details here
38 Monread Court, Naas, Co Kildare: €289,000
Semi-detached house with four bedrooms, at the end of a cul-de-sac in a mature residential area of Naas. Within walking distance of the town.
Agent: Sherry FitzGerald O'Reilly Naas. More details here
5 The Crescent, Moyglare Hall, Maynooth, Co Kildare: €285,000
Three-bedroom terraced house, a stroll from Maynooth town and university, in a well maintained development.
Agent: Sherry FitzGerald O'Reilly Naas. More details here
33 Elmwood Close, Termon Abbey, Drogheda, Louth: €220,000
Four-bedroom (main en-suite) semi in a cul de sac, facing green area, with a utility room and large attic room with en-suite.
Agent: Thomas Byrne Auctioneers. More details here
Cork
36 The Lawn, Janeville, Cork Road, Carrigaline, Cork: €285,000
Three-bedroom end-of-terrace in a new release of three townhouses. This three bedroomed 1,022 sqft house due to start construction shortly.The A-rated houses will be on the Cork Side of Carrigaline, close to the Shannon Park roundabout.
Agent: Dan Howard and Co. More details here
57 Frankfield, Douglas, Cork: €285,000
Three-bedroom detached bungalow in mature cul de sac. Originally a four-bedroom house, it was converted to three to make a larger sitting room. Private rear garden. A garage attached to the property with tiled roof could be converted.
Agent: Dennehy Auctioneers. More details here
Galway
50 Drom Oir, Knocknacarra, Galway: €300,000
Four-bedroom, three-bathroom semi-detached dormer bungalow with office/study, built in late 1990s in a popular estate in the Knocknacarra. Well located for Galway city centre and NUIG, with off street parking, on a corner site.
Agent: O'Donnellan & Joyce Auctioneers. More details here
19 Rian Luachra, Ballybane, Galway: €168,500
Three-bedroom semi in walk-in condition, close to Galway Mayo Institute of Technology, with city garden/patio and side entrance.
Agent: John Quinn Auctioneers. More details here
New developments
Some new home developments coming on stream in the greater Dublin area are also likely to fall into the price cut-off for the new mortgages.
The Paddocks, Portrane Road, Donabate
An early summer launch is expected for about 48 three-, four- and five-bed homes on a six-acre site. Prices have yet to be confirmed but are expected to range from €300,000 to more than €500,000.
Developer: Grelis. Agent: Gallagher Quigley
Cuil Duin, Fortunestown, Citywest
Launching this month, 40 three- and four-bed semi-detached homes, with three bed semis from €320,000 (four bed semis from €420,000).
Developer: Harcourt Developments. Agent: Hooke & MacDonald
Citywest Village, Citywest, Dublin 24
Release is expected in late spring of another 40 homes. A mix of three-bed mid-terrace, end-terrace and semi-detached homes from 109sq m to 124 sq m, priced from €320,000.
Developer: Davy Hickey. Agent: Sherry FitzGerald New Homes
Under €250,000
Outside Dublin and its surrounding counties, and Cork and Galway, the house price limit, for people who want to apply for a lower rate local authority mortgage, is €250,000 (which means a maximum mortgage of €225,000). Prices vary for homes vary from county to county, and in some places you get much more bang for your buck, even within this price range, as a quick look at houses for sale on myhome.ie indicates.
Tullaghan House, Tullaghan, Leitrim: €250,000 (reduced by €30,000 in November 2017)
The seven-bedroom (and eight-bathroom) period house in Tullaghan, beside the village on the main Bundoran-Sligo road (N15), has extensive outbuildings and is on about two acres, situated close to the Drowes River. Built in the mid 18th century, it has a gravel avenue and spectacular view of sea and mountains. With three reception rooms and six ensuites, plus a "priest's hole" (a hiding place where priests were hidden during penal times), this has potential to be more than a simple family home. It does, however, need a bit of work. It's 3km from the seaside resort of Bundoran.
Agent: Sherry FitzGerald Draper. More details here
Sheemore View, Drumbranned, Kilclare, Carrick-on-Shannon, Leitrim: €119,950
Four-bedroom, two-bathroom bungalow on a mature, private site, with splendid views of Sheemore. This is one minute from Kilclare (with shop and pub), Shannon-Erne Waterway, and Regional Road (R209).
Agent: Farrell Property Group. More details here
17 Woodlands, Mullingar, Westmeath: €199,950
Four-bedroom semi with two bathrooms. In good condition, close to all amenities, extended and refurbished.
Agent: Murtagh Brothers. More details here
20 Merval Park, Clareview, Limerick City: €235,000
A three-bedroom semi overlooking a green, with two reception rooms and the possibility to extend to the rear and into the garage (subject to planning permission).
Agent: GVM Auctioneers. More details here
1 The Birches, Briarfield, Castletroy, Limerick
Seven -bedroom house (three en-suite) and large living space. Close to University Of Limerick and Castletroy shopping centre.
Agent: Rooney Auctioneers. More details here
18 Stony Park, Wexford Town, Wexford: €235,000
Four-bedroom, three-bathroom detached house in a development of 18 houses within walking distance of the town centre. The A-rated house has a heat recovery ventilation system, and is in very good condition, with a sun room at the back.
Agent: Kehoe & Associates. More details here
