Buyers queue from dawn to buy Wicklow homes

Last week in the Irish Independent, the following headline had property market watchers and commentators up in arms:  ’Queueing from dawn for chance to buy a home’

Unfortunately, the headline was accurate (not always a given!).  Dozens of  potential home buyers, mainly first-time buyers, camped outside the sales office of a second phase development in Newtownmountkennedy.  Fifty properties,  two-bed, three-bed and four-bed homes were launched, selling off-plan,  with price tags from €199,000 to €310,000.  38 sold within hours of the sales launch and the remaining 12 are apparently attracting competitive interest.

While this might appear ridiculous, we do understand; it is a reaction to the marketplace at the moment.  We know that buyers are frustrated by the lack of available housing, particularly in County Wicklow.  So with that in mind, here is a selection of our Carnew, County Wicklow houses, all less than an hour from Dublin:

11 Coves Brook, with an asking price of €130,000 is excellent value for a four-bed detached house and garden with beautiful views and convenient location.

http://www.kinsellaestates.ie/residential/brochure/11-coves-brook-carnew-wicklow/3246359

11 Brookfield is a prestigious five-bed detached residence on 1/3 of an acre, constructed in 2003 and in excellent condition. It is close to several beaches and golf courses, with an asking price of €255,000.

http://www.kinsellaestates.ie/residential/brochure/11-brookfield-carnew-wicklow/3475685

Soldier’s Bench is a spacious three-bed bungalow on 1/4 of an acre.  Within walking distance of Carnew, this beautifully appointed home offers the best of both rural and town living/facilities.  With an asking price of €169,000, viewers won’t be disappointed.

http://www.kinsellaestates.ie/residential/brochure/soldier-s-bench-carnew-wicklow/2763422

14 Brookfield is a large detached home on a substantial site within this mature development, surrounded by open fields and an stream.  The internal finish is of a high quality with a low maintenance garden.  The asking price is €215,000.

http://www.kinsellaestates.ie/residential/brochure/14-brookfield-carnew-wicklow/3378564

Offered for sale in partnership with The Leinster Property Auctions, 19 Coolattin Gardens in Shillelagh, this charming four-bed house has an AMV of €220,000. Coollattin Gardens is a unique development of just 20 high spec detached homes located close to Coollattin Golf course.

http://www.kinsellaestates.ie/residential/brochure/19-coollattin-gardens-shillelagh-wicklow/2434638

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie .  

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718 

 

 

 

Residential Tenancies Board

Formerly known as the PRTB, the (now) RTB, or Residential Tenancies Board, is the registration body for all residential tenancies – private and social i.e. local authority and approved housing bodies in Ireland.  
Originally, under the Residential Tenancies Act 2004 and now under the Residential Tenancies (Amendment) Act 2015, all landlords must register all residential tenancies with the Residential Tenancies Board (RTB).

What landlords need to know:

The RTB acts as an independent body to help monitor and regulate the residential rental sector.  Primary functions are as follows:

·         To enforce the Residential Tenancies Acts 2004-2015

·         To provide dispute resolution between landlords (both housing bodies and private landlords) and tenants

·         To maintain a database of tenancies in Ireland

·         To use and share that data for the purposes of research

     

The RTB supports both landlords and tenants, although that is not always perceived in the marketplace.  It can get involved in issues such as antisocial behaviour or non-payment of rent. 

Costs:

There is a registration charge of €90 per tenancy. Landlords who fail to register within the prescribed time can be fined up to €3,000, and or face up six months imprisonment.

The Acts do not apply to the following types of rented property:

• Business lettings
• Holiday lettings
• Formerly rent-controlled dwellings or long-occupation lease tenancies – separate legislation applies to them
• Owner-occupied accommodation (for example, if you rent a room in your landlord's home)
• Dwellings in which the spouse, parent or child of the landlord lives. This applies to informal family arrangements where there is no tenancy agreement in writing. However, the Acts do cover formal agreements between family members, for example where a lease has been signed
• Social housing provided by local authorities (though, as noted above, the voluntary housing sector has been included since 7 April 2016)

Part 4 of the Residential Tenancies Act 2004 (which deals with security of tenure) does not apply to:

• Employment-related lettings – these are sometimes called ‘tied’ houses as they are tied to the job and you must leave the dwelling when the job ends, and
• Section 50 student accommodation (pdf)
• Tenancies in a landlord’s home in a flat or apartment that was originally part of the main house, where the landlord has chosen to opt out of the provisions of Part 4

As a landlord, if you require any information about registering with the RTB or if you have any questions about rent reviews or tenancy termination, please contact me directly on Michael@KinsellaEstates.ie 

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie .  

Latest Rental Statistics for Wicklow & Wexford

Is 10% inflation the new normal?

The most recent rental report from Daft.ie came out last week and deals with rental properties all around the country throughout the first three months of  2016.  Current rental prices are directly compared the prices of the same property type within the same period (January to March inclusive) last year.

The results will not surprise market watchers.  The average price of rented homes has increased for the fifteenth (yes, 15th!) consecutive quarter.  While Dublin remains the most expensive location, with average rentals costing €1,365 to €1,663 per month, Wicklow and Wexford have both seen significant increases.  

The average cost of a rented home in Wicklow has risen 7.4% to €1,029 per month.  While the increase in Wexford has been slightly more modest, at 6.3%, the average monthly rental is now €626, which is almost on par with Waterford City pricing.

The Daft.ie report brings up the thorny issue of examining whether renters would be financially better off purchasing (based on a 90% LTV or Loan-to-Value mortgage) or continuing to rent.  For two-bed apartments and three-bed houses, in many areas, tenants would be better off paying a mortgage, rather than ever-increasing monthly rent, but of course this only applies to would be first-time buyers who can afford the 10% deposit and whose jobs and credit rating are considered suitable by the lenders.  

One observation that we have seen in recent years is that would-be buyers are slow to apply for their first mortgage if they feel that they are likely to be turned down.  In many instances, they would make ideal mortgage candidates but media-watching has led them to believe that banks are not lending.  In our experience, this is simply not the case at the moment.  Mortgage lenders are fighting to attract the best buyers and have started to consider Irish applicants living abroad who are planning to return in the near future.

A few points became very clear from this latest industry report, specifically, stock of housing is at an all time low.  This applies not only to the rental market but to the sales market too.  This creates an ideal opportunity for investors to enter the marketplace, knowing that upward trends in the rental market are likely to continue for another few years.  

It is less ideal for current tenants, who are facing ever-decreasing choice and likely rising prices.  This scenario makes for interesting opportunities for our recent emigrants who are currently living overseas but hoping to return to Ireland at some point.  Ought they compete for what housing stock is left and rent it out to produce an income until they are ready to move back?  By doing so, not only are they creating an income but they are essentially 'hedging' their bets by investing in  property that can be used or sold (at market price) when they return.

One thing is for sure, now is definitely the time for sellers to bring their properties to the market.  With more buyers than available properties in most locations, properties that are reasonably priced will certainly attract attention in the marketplace.  This will be very relevant for owners of derelict buildings that might have struggled on the market over the past few years.  Here at Kinsellla Estates, we are dealing with queries from self-builders and would-be developers who have a interest in derelict buildings with and without lands attached, give us a call to discuss this further and we can advise on current supply and demand trends in your locality.  

To view the full Daft.ie Rental Report, click here: http://www.daft.ie

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie .  

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718 

Gorey's Newest Community: Gleann an Ghairdin

Kinsella Estates are delighted to announce the launch of an exciting new development in Gorey, County Wexford (less than an hour from South Dublin):  We have started taking bookings so please do take a look at the brochure below and contact us to arrange a viewing, we would love to show you around!

 

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie . 

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718