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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

Split level home on large site in Drum

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Drum East near Bushypark

This is a superb detached family home on a large site of 1.4 acres located around 5km from Galway City.

Built in 1999, the property at Drum East near Bushypark extends to 3,000 sq ft and has around 0.75 of an acre of easily maintained gardens.

The residence is deceptive from the front as it appears to be single storey, but is in fact split level and is over three floors.

On the ground and first floors are the sitting room, kitchen, dining room, utility room, four bedrooms (two of which are en suite), main bathroom and guest toilet.

On the lower ground floor is a large open plan room suitable for a variety of uses and two further separate rooms.  All rooms are large, bright and spacious.

The care and thought that has gone into this home is evident with the quality of fittings, such as solid timber floors, tiling, kitchen fittings and bathrooms have recently been refitted with new showers, tiling and suites.

The thermal efficiencies have been improved with extensive retro fitting of insulation, including pumping walls and attic insulation.

Externally, the gardens have been planned and have matured well with natural stone wall boundary to front, mature trees and shrub beds on side and rear boundary, extensive lawn, tarmacadam drive to the front, side and rear.  In addition, there is a rear field of approximately 0.65 acres.

Drum is a popular location to the west of Galway City approximately 5km from the city centre; Boleybeg Primary School is 1km and the Salthill Devon pitches are nearby.

It offers space, privacy, scope and all the benefits of country living yet on the doorstep of the city.

■ The asking price is €575,000. The BER Rating is C1. For further information or to arrange a viewing, contact Sherry FitzGerald on 091 569123.

 

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Connacht Tribune

Online auction will be dedicated to holiday homes

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A two-bed townhouse at Weighbridge House in Oughterard is going to auction with a starting price of €120,000.

An online auction with a dedicated catalogue of holiday homes around the country will take place in July, offering a mix of houses and apartments in coastal areas, rural cottages, and high-end properties in scenic locations.

IAM Sold Property Auctions, which runs the Connacht, Leinster, Munster and Northern Ireland Property Auctions will be holding the auction on July 15.

The auction team is now inviting anyone looking to purchase or sell a holiday home in Ireland to get in contact.

Company Director Patrick Folan said: “The annual Holiday Home Property Auction event is normally held at an event in Dublin, but this year we have moved it completely online. This will accommodate buyers regardless of location in Ireland or abroad and is the ideal platform with the current travel restrictions in place.

“The auction will offer buyers the opportunity to view and purchase a wide range of holiday homes throughout the country.

“There will be a particular focus on coastal areas and also properties that include small parcels of adjoining land. Anyone looking to buy or sell a holiday home property this summer should make contact with us and we will advise from there.

“There is no cost for the homeowner to enter a property into the auction and each property will receive excellent exposure across Ireland and the UK, in both national press and online marketing streams. We are seeing a lot of enquires coming from the UK again in recent weeks. We already have a large volume of buyers coming into the market looking for their perfect getaway or indeed retirement home and the holiday home auction is an excellent route to target this market,” said Mr Folan.

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

Demand for homes is ‘extraordinarily strong’ despite pandemic

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Ballynasooragh, Mountbellew: seeking bids over €195,000 at online auction.

The Connacht Property Auction will hold their next online auctions on June 3 and July 1 and are still accepting properties from vendors to add to the catalogues.

According to the auctioneers, there is “huge demand” for properties at the moment, despite the pandemic.

Shane May said: “Previous years have shown the April to July period is particularly strong for selling residential and commercial property. While circumstances this year are very different to previous years, we are seeing huge demand for properties and our auction team are keen to speak to property owners who are considering bringing their property to the market.”

He said that with demand for property extraordinarily strong right now, property owners should consider coming to market sooner rather than later.

“We are encouraging owners considering selling their property and indeed buyers to contact us to discuss. We offer properties across the province and remain the only auction provider in Ireland who do not charge any upfront costs to entry a property into their auction,” said Mr May.

The next auction will offer a great selection of properties and while prices are continuing to increase, there is still choice and value to be found for buyers as well.

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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