FALL IN SUPPLY PUSHES HOME PRICES UP 5% IN THIRD QUARTER

Dear Reader, 

As our valued customer, we would like to give you the latest update from Daft.ie House Price Report , which shows average listed price of housing rose by 4.8% between June and September. The jump offsets falls earlier in the year and means that the average sale price nationwide in the third quarter of 2020 was €263,750, up 2.7% on the same period in 2019 and 60% higher than its lowest point in early 2013.

The report is also stating that an average list price in Dublin City rose by 2.2% and is now €380,731. 

According to Ronan Lyons, Assistant Professor in Economics Trinity College Dublin, the ultimate reason prices are rising again is that there are simply not enough homes in the country, given the population and its demographics. Supply on the market on October 1st was the lowest in over 14 years – since September 2006, with the total number of properties available to buy was less than 17,700. This highlights the underlying issue affecting the Irish housing system – a prolonged and worsening scarcity.

The significant fall in completion of new homes to be registered in 2020 may prove a temporary blip. Nonetheless, the level of new home construction even in 2019 was barely half of underlying need. During the first half of 2020, there were just over 3,000 transactions involving newly-built homes in Dublin, a fall of 27% compared to the same six-month period in 2019. The typical price for a newly-built home sold in the first half of 2020 was €351,000, up 5% from €335,000 in early 2019. Transactions of new homes in Dublin’s four commuter counties nearly halved between 2019H1 and 2020H1 - meaning their share of the total number of transactions involving new homes fell from almost one third to less than one quarter.

There were just over 4,000 properties on the market in Dublin on October 1, down from almost 5,500 on the same date a year ago.

Average asking prices across North Dublin City is €350,499 and Dublin 15 are as follow: 

1 bed apartment €176,000  

2 bed terraced €224,000

3 bed semi-detached €310,000

4 bed bungalow €513,000

5 bed detached €603,000

To find out more please contact us on 01 82 72 300 or send us an email on info@mcpeakeauctioneers.com

Regards, 

The McPeake Team...
Stay Safe...

SCSI/PwC Construction Market Monitor 2020: Private sector activity & the COVID-19 impact

Society of Chartered Surveyors of Ireland in connection with PwC just released 4th annual report assessing current activity levels across the Irish construction sector. This joint report provides insights into current trends as well as challenges facing construction consultants and the sector at large. Moreover, the report examines surveying professionals’ expectations over the next 12 months, which is a useful gauge of expected activity levels to come in 2021.

A comparison of surveyor responses between February and June 2020 provides a very clear picture of the severity of the impact of COVID-19 on the Irish construction sector. When asked about headcount, margins and workloads, a significant proportion (up to 68%) of surveyors reported a downward trend across the three areas. This is a stark contrast to February 2020 when only up to 12% of surveyors expected headcount, margins and workloads to decrease.

Since the reopening of the sector on 18 May 2020, activity has begun to gear up following weeks of lockdown. Sectoral protocols introduced provide for new working arrangements to manage COVID-19 risk. Extended construction timelines under these new arrangements and dealing with issues that still persist in relation to supply chain delays for certain materials, has impacted output levels.

Key findings  

• Covid-19 resulted in a 20% decrease in construction related activity levels in the first half of 2020 
  
• 51% of surveyors expect a decrease in workload in the next 12 months 
• Over two thirds expect a decrease in profit during this period 
• Seven out of ten have a negative or neutral outlook on activity levels
• Raising finance, project delays and skills shortages the key challenges
• Opportunities exist to further leverage digital
• Less than one in ten are ‘well prepared for Brexit

In in addition to the disruption caused by COVID-19, Brexit remains a real and present concern for businesses in Ireland. It has the potential to have significant impacts on business operations and trade already reeling from the effects of the pandemic.

For further Information please visit: https://www.scsi.ie/news/view?id=134

Regards, 

The McPeake Team...
Stay Safe...

NEW HOMES - New Release in Whitefield Hall, Bettystown, Co. Meath

Dear Reader, Hoping you are keeping safe and well through these trying times. 

We are delighted to bring to the market a further selection of 3 & 4 bedroom semi detached homes for sale in Whitefield Hall, Bettystown, Co. Meath.

Whitefield Hall will comprise in total of 205 exceptionally large 2, 3 & 4 bedroom family homes, with on site crèche and local shop planned to service the development.

3 bedroom semidetached houses prices start from €285,000 

4 bedroom semidetached from €307,000

We are conducting show house viewings, adhering to all social distancing guidelines - Viewing is strictly by private appointment.

Please note we are currently sold out of three- four- and five- bedroom homes. 

As soon as we have further information regarding the next phase of units, we will endeavor to contact our registration list.

In the meantime, should you wish to register for the next phase or have further queries please do not hesitate to contact us.

Regards, 
The McPeake Team...
Stay Safe... 

MORTGAGE APPROVALS ON THE RISE BUT LOAN VALUES DECLINE

 

According to Charlie Taylor from Irish Times overall 3,875 mortgages were approved in August, (14.1 % higher compared to July), of which first-time buyers accounted for 58 per cent of the total volume.

First-time buyer approval was up 1.4 per cent year-on-year to 2,559, while mover purchase volumes fell 17.8 per cent to 1,000.

There were 3,337 purchase mortgage approvals in August, which collectively were valued at €834 million. Purchase mortgage approval activity was down by 6.8 per cent in volume terms versus August 2019 and down 0.6 per cent in value.

There were 39,610 mortgage approvals in the 12 months to the end of August, down 1.2 per cent versus the previous year in terms of volume and 0.24 per cent lower in value terms.

“Following on from a strong uplift in mortgage approval activity in July compared to the previous month, this further uplift in August provides a much-improved pipeline for mortgage drawdown activity in the months ahead, notwithstanding the fact that overall activity is still down year-on-year,” said Dr Ali Ugur, chief economist with Banking and Payments Federation Ireland, which compiled the figures.

“We know that actual mortgage drawdowns were down by around 18 per cent year-on-year in the first half of 2020, and this comes as no surprise in light of Covid-19. But if recent approvals convert into drawdowns as they normally do, we could expect to see a better outcome than originally estimated back in April/May,” said Dr Ugur.

Find more information on: https://www.irishtimes.com/business/mortgage-approvals-on-the-rise-but-loan-values-decline-1.4363633

Regards, 
The McPeake Team...
Stay Safe... 

Homebuyers moving on in spite of pandemic!

 

According to Irish Examiner the Covid-19 pandemic has not deterred would-be homeowners, with 71% planning to plough ahead with buying a property in the next year, compared with 68% of prospective buyers who were surveyed last May.

Property website MyHome.ie showed, that half of the almost 3,000 surveyed believe 2021 will be a good time to buy a home. And in fact seven out of 10 respondents are planning on purchasing a property in the next year. 

Just 13% of survey respondents believe property prices will fall by over 10% in the next year, whereas last May, 37% of consumers predicted that outcome, MyHome.ie said.

Last month, MyHome.ie analysis showed that asking price inflation rose by 1.2% nationally compared with the second quarter of 2019.

Managing director of MyHome.ie, Angela Keegan, said that the findings reflect the ongoing demand that is evident in the market. “Even though consumers have not seen the price drops that many predicted when Covid-19 emerged, demand has stayed strong. It appears that many prospective buyers have not been hit by the economic fallout from Covid-19".

Almost three-quarters said they feel safe viewing properties at the moment.

Regards, 
The McPeake Team...
Stay Safe... 

Our Property of the Week!!! 41 Alderwood, Hollystown, Dublin 15.

41 Alderwood, Hollystown, Dublin 15 is an absolutely stunning four bedroom semi-detached house extends to 169 sq.mt /1,819 sq. ft. of luxurious, well designed and bright interiors, located in a small quiet estate with private playground. The area has seen considerable development over the past number of years, making it one of the most desirable locations in west Dublin. Internally the house comprises of spacious kitchen/dining room large living room, second reception/playroom, guest WC and utility. At first floor level there are three bedrooms with one bedroom ensuite, and family bathroom. The entire second floor accommodates an exceptionally large master suite incorporating en-suite shower-room. 

This house must be viewed to be appreciated!!! Contact Hilary Cummins now! 

Building Energy Rating must be included in all sale & rental advertisements

Dear house owners, 
We would like to remind our customers that a property's Building Energy Rating (BER) must be included in all sale and rental advertisements.

A BER is a legal requirement for all homes, including previously unoccupied new-builds.
Failure to comply with these rules may result in certain penalties, including a fine of up to €5,000.

There are exemptions for protected structures and some other building types. 
Please visit SEAI for more information.
Regards, 
The McPeake Team...
Stay Safe...