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Mortgages are becoming more affordable for first-time buyers

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Average first-time buyer couples in Galway require just under 14% of their disposable income to fund a mortgage, new research has found.

According to the latest EBS Affordability Index shows that nationally, the proportion of disposable income required to fund a mortgage for the average first-time buyer working couple dropped to 19.5% in April 2015.

This is down from 20.6% last October due to a drop in house prices in the opening months of this year.

In Cork and Galway, the figure stands at 14.4% and 13.4% respectively. Longford is the most affordable county in Ireland to buy a home, with a couple requiring only 6.9% of their net income to fund their mortgage.

“The situation has improved dramatically since 2006, when an average FTB couple needed 26.4% of their net income to fund their mortgage, as property prices peaked,” the report reads.

The index shows a noticeable difference between the Dublin housing market and the rest of the country.

In Dublin, a FTB working couple currently requires 22.6% of earnings to fund their mortgage, down from 24.3% in October 2014. A further improvement in Dublin affordability is forecast to 22.1% in June.

The research also ranks counties in terms of housing affordability. Outside of Dublin, Wicklow and Kildare are the least affordable counties, where a FTB couple requires 21.6% and 21.1% of their respective net incomes to fund their mortgage repayments.

Director at DKM Economic Consultants, Annette Hughes, said:  “The benefit of the Affordability Index is that it captures monthly changes in house prices and the other determinants of affordability.

“With the volatile changes in house prices in the opening months of 2015, the positive and negative swings in affordability can be clearly seen.

“The recent upturn in house price in March is probably not surprising given that the market continues to be characterised by pent-up demand, a supply shortage, rising rents and new lending regulations,” she said.

EBS Head of Mortgages, Conal Clerkin said: “The research forecasts that affordability across the first-time buyer market will have further improved in the three months to June.”

Connacht Tribune

Scenic farmland for sale in Joyce Country

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Stunning vista: the farmhouse (bottom left of photo) for sale in Knockaunban Valley.

An outstanding residential hill farm in the renowned Maam Valley – better known as Joyce Country – a stunning and scenic hill farming area between Leenane and Maam.

Located in the Knockaunbaun Valley, which is a part of the Maum Turk mountain range, the farm extends to 114.04 hectares (281.79 acres) and is held in three large sections with other smaller sections along Bealnabrack River which flows into Lough Corrib nearby.

It provides excellent hill grazing on which a small herd of cattle and a large flock of sheep were farmed for many years. The land on both sides of a country lane is well fenced in the valley while a large section of hill on the Maum Turks being unfenced.

The dwelling house is nestled in a grove of pine trees is an 1930s cottage which consists of an entrance hall, living area, kitchen, three bedrooms and a bathroom. The roof and windows of the property were upgraded several years ago. However, the dwelling is in need of full refurbishment.

It has a private water source, mains electricity and a telephone connection. To the rear of the house there are a selection of traditional farm sheds with a storage shed to the front of the dwelling.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Step into a wonderland set beside forest walks

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Ballinlass, Mountbellew

Cunningham Auctioneers are delighted to bring to market this superb standalone residence in Ballinlass, Mountbellew – in a tranquil setting with delightful forest walks on its doorstep.

Measuring 269 sq m (2,896 sq ft), this is a wonderful opportunity to acquire a luxurious family home which offers all that one could ask in terms of class and style.

It is situated just 3.5km from the town of Mountbellew, which offers an array of sporting, leisure and cultural facilities as well as a wide variety of shops.

The town is also well served with primary school, secondary schools, third level agricultural college under the Atlantic Technological University (formerly GMIT), post office, bank, credit union, church, 18 hole golf course, GAA club, children’s playground and a regular seven-day bus service to Galway and Roscommon.

The property was built in 2008 and stands on a large 0.9-acre site with a large garage to the rear. The ground floor comprises a beautiful large open plan kitchen/dining room finished to a high specification with gas and electric rangemaster and fitted Belfast sink.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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Connacht Tribune

Spacious detached house finished to high standard

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O’Donnellan & Joyce Auctioneers are handling the sale of this spacious detached residence in the Asca Beag development in Mincloon, just off the Rahoon Road in Galway City.

Constructed in 2006, Number 7 Asca Beag is a large home in very good condition with superior finishings such as hollowcore flooring, mosaic and porcelain tiling throughout, oak flooring and quality fittings.

Comprising 171.8 sq.m., the split-level style allows the property to benefit from ample reception and bedroom quarters.

The ground floor is arranged between large reception spaces with a separate living room with feature fireplace, an open-plan kitchen & reception area, and is completed via a guest bathroom with open shower.

The upper floors comprise four large bedrooms, two of which avail of their own en suites, and a main family bathroom. Externally, it offers ample parking to the front and an elevated garden space to the rear. Asca Beag is a small residential development in a cul-de-sac setting with communal green space.

The area offers a quiet rural feel whilst still having all amenities and services within close proximity being ideally located between Knocknacarra and Rahoon.

Additionally, the city centre, Salthill, NUIG and University Hospital are all within easy each.

Selling agent Hugh O’Donnellan said: “This would be the ideal family home in a quiet & friendly setting that boasts both a rural feel whilst still being within easy reach of all requirements.”

■ The asking price is €525,000. For further information or to arrange a viewing, contact O’Donnellan & Joyce Auctioneers on 091 564212.

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