Two major housebuilding firms have cut prices at new homes schemes in Dublin and the commuter belt.
David Daly's Albany Group and Kingscroft, the Abbey Group's housebuilding division, have dropped prices at schemes by up to 25 and 11 per cent respectively in an effort to get buyers back into the new homes market.
The move by Albany and Kingscroft, two homebuilders with decades of experience, is the clearest illustration to date of the dramatic slowdown in the new homes market. Sixty houses and apartments go on sale this weekend at the Albany Group scheme in Swords called The Meadows.
Prices start at €229,950 for one-bed apartments and rise to €340,950 for three-bed end-of-terrace units. The Meadows forms part of the larger Holywell scheme. When the same units were launched in April 2007 at Holywell by Savills HOK, prices started at €269,950 and rose to €454,950. This represents price cuts of between 14 and 25 per cent. The prices at Holywell are now approaching 2005 levels at the scheme.
Meanwhile, Kingscroft Developments has instructed its agents to cut prices by an average of 10 per cent on all five new homes sites it has open in Leinster.
The most notable Kingscroft development - also called Holywell - is a scheme of 86 houses in Kilcoole, Co Wicklow. Launched in May 2007, selling agent Sherry FitzGerald secured 25 sales. Prices here have now been cut by around 10 per cent. Four-bed detached houses are now priced €695,000 - down from €780,000.
Kingscroft has also cut prices at The Hastings scheme on Hamlet Lane in Balbriggan. Some units have been cut by up to 10 per cent. Three-bed homes have been cut by €30,000. The other schemes being developed by Kingscroft are Clonroosk Abbey in Portlaoise; Lansdowne in Portarlington (both Co Laois); and Townparks Manor in Kells, Co Meath.
The Kingscroft and Albany price cuts follow the decision last December by Capel Construction to cut prices at The Crescent, Ashtown, Dublin 15 by between €70,000 and €100,000 - a reduction of 17 and 22 per cent respectively. Fifty-six houses have been sold following the price cuts.
Kingscroft builds houses in Ireland and England. The Albany Group is one of the largest housebuilders in the Dublin area.
