Sir, – In response to “Dublin ‘affordable’ purchase permutations call purpose of scheme into question” (Analysis, June 26th), the price of new homes at Oscar Traynor Road is set by the purchasing power of the prospective first-time buyer. A two-bed home at €355,769 would require a 10 per cent or €35,576 deposit. A first-time buyer avails of the €30,000 Help to Buy Scheme, leaving a mortgage of €320,000 which would be available to a couple on €40,000 each, borrowing four times their income. Similarly, the three-bed home at €399,731 would be available to a couple on €45,000 each.
Critics of this scheme have suggested that Dublin City Council should have been the developer and used a private builder through competitive tender. South Dublin County Council is the developer using this method for 133 apartments in Tallaght.
Excluding any land value, the most competitive price secured was €428,514 per unit, which is line with estimates published by the Society of Chartered Surveyors.
Precious few alternatives are offered by politicians promising to make these apartments available to purchase for below €250,000. – Yours, etc,
Cllr DAVID McMANUS,
(Fine Gael),
South Dublin County Council,
Tallaght,
Dublin 24.