GOOD LUCK to Dún Laoghaire Rathdown County Council in its bid to sell its affordable apartments on the open market at current market prices. We can’t help thinking it will have its work cut out determining what current market value is.

Currently Castlethorn Construction is selling one, two and three-bed apartments in Belarmine Plaza on the open market from €185,000 to €290,000. The affordable units in the same scheme were recently reduced to €128,000 to €212,000.

The council bought the 117 affordable units on its books in several different schemes for €27.5 million but none of the 1,900 people on the affordable housing list wanted them because of problems getting finance, a preference for houses and a belief that the prices were too high.

Now the council is looking to a wider target market but it remains to be seen if the prices will be attractive enough for buyers. The council is saying its stock is being revalued and will be released for sale within two weeks.

They may have to have the edge over competing apartments for sale on the open market in these areas. But will buyers maintain a “wait and see” approach in case there’s a flood of Nama-related apartments on the market to push prices down more?

Spread over eight schemes, the majority of the affordable units owned by the council are in The Belfry and Belarmine Plaza on the Enniskerry Road in Stepaside, and the Gallops in Sandyford, D18. These don’t include another block of 143 affordable housing units under construction in phase one of Cosgrave’s scheme at the former Dún Laoghaire Golf Club site.

While the 117 units will be available on the open market, the council says it intends to give priority to first-time buyers and to applicants who meet the terms and conditions of the affordable housing scheme. Prospective purchasers refused mortgage approval from two lenders may apply under the council’s House Purchase Loan Scheme – for which the maximum loan is 97 per cent of purchase price. The maximum loan is €220,000. Income limits apply: €50,000 for a single applicant and €75,000 for a couple.

This comes as some 1,100 affordable homes remain unsold around the country because of the slump in the property market.

Cork County Council is putting more than 400 affordable units on the market.