Exceptional Result at REA Grimes Co. Meath Auction

A prime development site at Bachelors Walk, Ashbourne sold at auction today for €750,000. This figure represents €200,000 over the guide price. The site has full planning permission for the construction of 6 detached residences on 0.445 hectares (1.1 acres). The auction attracted a high level of interest and bidding was brisk
More info on www.reagrimes.ie and contact 00353 1 8350333

The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly

The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly in the past two months, according to the Real Estate Alliance network.

A survey of REA members shows that enquiries from the UK have increased by 13% on average to agents outside of Dublin in the past two months.

And there has been a corresponding 25% annual increase in enquiries about Real Estate Alliance properties listed on top UK site rightmove.co.uk.

Local REA agents will be among those bringing the best of Irish property for sale to the Alliance’s upcoming London Property Exhibition.

The exhibition takes place in the Millennium Gloucester Hotel and Conference Centre in central London on Saturday March 21.

“REA are bringing thousands of homes for sale to London, giving a host of UK buyers the chance to browse in comfort and talk to the experts on the ground,” said Philip Farrell, CEO of Real Estate Alliance.

“The exhibition will be a comprehensive one-stop shop for potential property purchasers with legal and financial experts joining a network of Real Estate Alliance agents from throughout Ireland, all with unique properties to show.

“The average UK home now costs €236,635 whereas in Ireland it is close to €180,000, and the strength of sterling is magnifying this.

“UK buyer interest is manifesting itself differently to the existing Irish market in a number of ways, with big surges in interest in many undervalued rural counties and also scenic and coastal locations.

“This presents many vendors with the opportunity of achieving better prices due to interest outside of the normal marketplace.

“Rural properties in the UK cost an average of €67,000 more than urban properties – quite the opposite of the Irish market.

“UK buyers are being priced out of rural properties in their own country, so for many their only chance of an ‘escape to the country’ is a move to our country.

“We are also seeing interest from UK investors who are priced out of their own market and feel that they have reached the top of their curve and are looking for capital growth and yield in Ireland.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Further details on the REA London Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie or send an email to register for the event at info@realestatealliance.ie.

Ends

For further information on exhibition contact:

Eimer O’Keefe, Real Estate Alliance

00353 86 8249040 / eimer@realestatealliance.ie

Media information:

Darren Hughes, MediaConsult 00353 86 2937037 / darren@mediaconsult.ie 

Has the economy paused your Redecorating plans?

Has the economy paused your Redecorating plans? Fear not, 10 Top "R" Tips to transform your home from the doom and gloom during this Recession.
In today's economic downturn, cost cutting and drastic budgeting, all plans to redecorate our homes are put on the back burner for the time being. Just The thought of redecorating our home sounds crazy! In reality, redecorating our homes doesn’t need to cost a lot. All you need to do is plan wisely.
Make a plan today, pick a paint colour or throw out those old pictures tha­t are fading. Piece by piece, you'll get into the groove of t­urning the house into your designer home!

Remove: Change the impression of a room by taking out that extra piece of furniture that has been sitting there for years with no purpose. Now is the perfect time to go through those closets, shelves, garages and cabinets for "stuff" that is beginning to own you, rather than the other way around. Using some coloured Post-It notes, designate an area for your "absolutely must keep pieces". Using another colour of Post-It notes to mark those items that you use occasionally and will consider getting rid of. The third group is where the fun begins, "the donate or sell items". You don't have to mark these...just start a pile or throw them into a large box. Old clothes, CDs or cassettes you no longer listen to, appliances, sporting goods, bedding, etc....be ruthless.
Now, go back to pile number two and take out at least 25% of those items and add them to pile number three.

Repaint: It is amazing what a coat of paint can do for a boring table or chair. There are many tips out there both online and in paint shops showing you how to redo an old or run down piece of furniture. Country cream or French cream is all the trend at the moment in all the furniture stores, why not try updating your existing furniture pieces yourself. Try repainting that old pine coffee table or pine headboard for that up to date look.
Re Painting your interior walls is a relatively low cost solution to updating your interior look, especially if you paint them yourself. There's no need to go overboard with bright colours to achieve impact, thoughtful use of complimentary colour tones can result in a room that feels completely new without having to change your existing furnishings.
Repaint those old wooden picture frames to update their look.
Repainting solid wood kitchen cabinet doors that are looking a bit tired, will give them an instant facelift. Country Creams and Orchid White are current favourites and instantly change the style of your kitchen, while also creating a bright and fresh room.
Remember to always use a theme before you start your decorating - it may be a favourite colour scheme or a design theme that you found in a magazine.When you see something you like in your chosen magazine, cut it out and attach it to a mood board to create the style you would like to achieve, making notes as you go along. Make a list of what is needed to create this style.

Rearrange: Don’t be afraid to move furniture from one room to another to give it new life. Its amazing how one learns how to optimize space once we've removed everything out of the room and set out to restart with a blank canvas.
Change your seating arrangements to either open up a room or to make it cozier.
Move things around until you find a pleasing arrangement that works for you. Get rid of anything that does not fit properly and is rarely used.

Reuse: re use what you already have - there are so many items around the home that can be ‘recycled'. Have a good look as you may already have the items suited for that chosen style hidden away or simply just being used in the wrong environment.
Reuse old magazine covers. Try old or used bookstores for vintage magazine covers. Frame them and create a wall of fashion vintage elegance for that creative and stylish look.
Reuse fabric from sheets and quilts even old clothes to make cushions and curtain tie backs. A fresh group of cushions or a throw can update an old sofa instantly!

Reupholster: New upholstery can completely update a seating arrangement. Always price the job completely first as sometimes it can cost more than a new sofa suite. Remember to price the amount of fabric needed and how much the reupholster will charge to recover the suite. Always shop around!
A great couch is the centrepiece of your living room. Make it classic and make it comfortable. Your couch can be updated as home trends change.
Re upholster an old headboard to give it an up to date look and watch you bedroom style change dramatically.

Replace: Adding new drawer pulls or handles to a tired bedside table or bureau can totally change the impression it makes. Replace the handles to kitchen presses for that updated look!
Replace lampshades, this will give your lamp or light fitting an instant face lift. There are loads of home décor stores nationwide selling very stylish lampshades at very affordable prices.
There are plenty of shops out there selling great, trendy bedclothes at pocket saving prices. Remember to keep busy patterns at bay, go for plain duvet sets and dress up your bedroom with accessories like cushions and throws, which again might already be lying around the house or stored away in a closet.
Ready made curtains can also be purchased at very affordable prices and transform any room instantly.
Charity shops are also a great place to find bargains.
There are an amount of stores and department chains throughout the country catering for Interiors at such bargain prices. Even the good old “euro saver” style stores have fashionable accessories at very low prices. It’s all about keeping an eye out for the bargains and being smart with what you are spending your money on.

Retiling & Recarpeting: If its retiling and recarpeting that is needed to spruce up your home there are fantastic deals around nationwide at the moment and now is the time to hire tradesmen at cost effective prices! But remember always price around for the best deals.

Redecorate & Revive: The most important lesson is that, just as our bodies and our minds are temples, so is our home. It is meant to be a place of tranquility, peace and serenity. Our home should be our retreat from the daily grind and pressures of life. However, before undergoing any redecorating transformation, you have to put your mind in a peaceful state first!

Dublin market slows as average house rises by 20.68% nationally

The price of an average three-bed semi in Irish towns and cities rose by 20.68% in 2014, according to a national survey carried out by Real Estate Alliance.

While every county in the State showed an increase in three-bed semi prices, the market slowed down in the Dublin area between September and December 2014 (Q4) with one area registering a -6.67% drop in prices.

The average semi detached house nationally now costs €184,713, the latest REA survey has found – a rise of 2.63% on the Q3 figure of €179,981.

The Real Estate Alliance Average House Index concentrates on Ireland's typical stock home, the three-bed semi, giving an accurate picture of the property market in towns and cities countrywide.

While semi ds in Dublin recorded a 21.66% increase over the year, the biggest rise was in the commuter counties and large cities such as Cork and Galway where properties in what is now termed Tier Two rose by 26.24% from €157,824 to €199,235.

And while the Dublin market slowed to just an 0.89% increase in Q4, and the commuter counties rose by 3.42%, the biggest upswing came in the rest of the country (or Tier Three), which saw a rise of 3.92% – the first time that rural Ireland had surged ahead in the figures all year.

The average three-bed semi in Dublin is now selling at €379,167, an increase of just over €3,000 on Q3, as the market in the capital stalled in Q4.

This price is almost twice that of the commuter county stock, and 2.5 times that of the average rural semi, which is priced at €147,587.

“Our survey shows that in all areas of Dublin, parts of Cork City, Galway City, North Wicklow and Kildare, the price of the average semi detached house exceeds the Central Bank’s new threshold of €220,000 at which banks can lend 90% of the value,” said Real Estate Alliance CEO Philip Farrell.

“However, other parts of Wicklow, Kildare, Louth and Meath all offer average housing under that limit for those looking to buy in the commuter belt with accessibility to Dublin.”

While the capital as a whole saw just a 0.89% average rise from September to December, areas such as Lucan saw a fall of -6.67% as the price of the average semi-d went from €300,000 back down to €280,000.

All other areas in the city were flat in Q4 except for South Dublin (5.56%) and the city centre (3.45%).

“Following an increase in property values of up to 30% over the previous 15 months, the market in Dublin took a breather in Q4,” said Philip Farrell.

“Traditionally the capital is the first to rise and slow down in any turning market, and we have seen this in Q4, particularly in popular first-time buyer markets like the Lucan area.

“Much of this is due to the air of uncertainty that surrounded the introduction of the new Central Bank lending restrictions, and now that we have clarity here, we should see a return to a more normal market.

“Our agents in Dublin expect prices to rise by six per cent this year. This is in comparison to our nationwide average expectation of a nine per cent rise in property prices in 2015.”

Evidence of a cooling in the market is seen by the fact that it took six weeks to sell the average property in Dublin in Q4, a week longer that Q3.

The same experience has been repeated in the commuter counties and major cities, which saw its time to sell go from six weeks to seven in Q4.

However, market activity continued apace in Tier Three, with properties in the rest of the country still taking seven weeks to sell as in Q3.

Just how far this market has grown in 2014 is evidenced by the fact that these properties were taking 13 weeks to sell 12 months ago.

But the biggest change in buying habits in 2014 has been the return of the banks to the marketplace with the amount of cash transactions dropping from an average of 66% in December 13 to 44% in December 2014.

Real Estate Alliance (REA) is Ireland’s leading property group of

Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Simple steps when selling your property

1. What Information do we need? To give you the best possible advice we will need to visit the property and gather the following details:

• Photographs of property
• Title – Freehold – Leasehold (Tenancy if relevant)
• Site plan
• Confirm title, planning documents, certified maps.
• Review inventory,
• Discuss Energy Rating (BER Cert) Requirements. A BER Cert is simply an energy label for your home similar to that on electrical appliances. The label has a scale of A-G. A-rated homes are the most energy efficient and G the least efficient. Since 1st of January 2009 a BER Certificate is compulsory for all homes being offered for sale or lease/rent. We cannot advertise the property for sale without a BER Cert.

2. Agree asking price & value. After our inspection we will advise you of the approximate value & possible asking price of your property.

3. Methods of sale: There are 3 main methods of sale used when offering a property for sale. The options include Private Treaty, Public Auction and Tender and whilst each method has its own advantages and disadvantages. We will discuss what is suitable for your property & we will advise you of our recommended option.

4. Contract Once we have agreed on the most appropriate method of sale based on the attributes of the property and taking due cognisance of your requirements and circumstances we will then discuss this with your Legal Representative to ensure everything is in order.

5. Professional Fee: We will agree and confirm our sale fee plus V.A.T. The aforesaid fee is payable in the event of a successful sale. There will also be an additional listing/outlay cost for marketing.

6. Marketing Campaign We will provide a marketing campaign specifically tailored to your property that is effective and efficient and will include For Sale Sign, within the boundary of your property & uploads on the various websites and a colour brochure. We will also advise of discretionary optional extras for marketing your property.

7. Reporting: We will keep you updated on interest shown in your property. We will also keep in contact with your Solicitor during the campaign. Any queries/potential difficulties pertaining to Title/Boundaries/Planning will be brought to your attention.

8. Completion On securing an agreement on price we will then seek a Booking Deposit from the purchaser (subject to contract).

• Your Solicitor and the purchasers Solicitor will be informed accordingly.
• Contracts are then sent by your Solicitor to the purchasers Solicitor.
• Contracts are then signed and a full deposit of 10% is paid.
• A completion date is agreed and the transaction is finalised.
• Our fee plus V.A.T. is payable on completion

UK property buyers are flocking to secure their dream homes in Ireland

UK property buyers are flocking to secure their dream homes in Ireland, buoyed by a unprecedented strong pound with many rural homes still undervalued compared to the UK, according to Real Estate Alliance.

The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly in the past two months.

A survey of REA members shows that enquiries from the UK have increased by 13% on average to agents outside of Dublin in the past two months, with many areas seeing a 25% increase in calls.

In fact, one REA agent in Bantry is reporting a 50% increase in UK enquiries in the past eight weeks.

There has been a corresponding 25% annual increase in enquiries about Real Estate Alliance properties listed on top UK site rightmove.co.uk.

Now Irish property vendors are being given the chance to cash in on this mini-boom by registering for the Alliance’s upcoming London Property Exhibition.

REA are bringing thousands of properties to London, giving a host of UK buyers the chance to browse in comfort and talk to the experts on the ground.

The exhibition takes place in the Millennium Gloucester Hotel and Conference Centre in central London on Saturday March 21.

The exhibition will be a comprehensive one-stop shop for potential property purchasers with legal and financial experts joining a network of Real Estate Alliance agents from throughout Ireland, all with unique properties to show.

“The average UK home now costs €236,635 whereas in Ireland it is close to €180,000, and the strength of sterling is magnifying this,” said Real Estate Alliance CEO Philip Farrell.

“UK buyer interest is manifesting itself differently to the existing Irish market in a number of ways, with big surges in interest in many undervalued rural counties and also scenic and coastal locations.

“This presents many vendors with the opportunity of achieving better prices due to interest outside of the normal marketplace.

“Rural properties in the UK cost an average of €67,000 more than urban properties – quite the opposite of the Irish market.

“UK buyers are being priced out of rural properties in their own country, so for many their only chance of an ‘escape to the country’ is a move to our country.

“We are also seeing a marked upsurge in UK interest in large properties worth over €700,000 in commuter counties such as Meath and Kildare.

“We are also seeing interest from UK investors who are priced out of their own market and feel that they have reached the top of their curve and are looking for capital growth and yield in Ireland.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Further details on the REA London Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie or send an email to register for the event at info@realestatealliance.ie.

Ends

Available for interview:

Philip Farrell, CEO Real Estate Alliance

086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:

Eimer O’Keefe, Real Estate Alliance

086 8249040 / eimer@realestatealliance.ie

Media information:

Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 

New mortgage rules provide welcome relief for first time buyers

Real Estate Alliance (REA) has welcomed plans by the Central Bank to provide relief to first-time buyers under its new mortgage rules.

The new rules will enable banks to lend up to 90% of the value of the home to first-time buyers up to a limit of €220,000.

This means that first time buyers will need a 10% deposit for the first €220,000 of their property's cost and 20% of whatever is above this limit.

In most other cases banks will only be able to lend up to a maximum of 80% of a property’s value.

“A blanket 80% mortgage cap would have proved excessive towards first time buyers, making it difficult for them to get on the property ladder,” said REA CEO Philip Farrell.

“Based on average house prices, a 20% deposit rule would have required €70,000 upfront from an individual or couple purchasing a property in South Dublin. (According to figures from REA's latest property survey, an avergae three-bed semi in South Dublin is valued at €350,000).

“However, based on the more lenient deposit requirements, that figure comes down to €48,000 for a first time buyer.

“Outside the South Dublin area, buyers will still be entitled to borrow up to 90% of the purchase price of their first home.

“This in turn will assist in preventing further pressure on rental values in large parts of the country which would have ensued if they had proceeded with the initially intended figures.

“Rental values have increased by up to 20% over the last 18 months in particular parts of the country.

“There is absolute merit in what the Central Bank are introducing and it is to be welcomed in assisting in the prevention of a property bubble in the future.

“This has proven successful in particular parts of the world, especially Asia.

“However, it remains somewhat untested in this part of the world.”

Real Estate Alliance (REA) is Ireland’s leading property group of

Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.



Ends



Available for interview:

Philip Farrell, CEO Real Estate Alliance

086 250 3515 / philip@realestatealliance.ie



Media information:

Darren Hughes, MediaConsult 086 2937037

REA O'Connor Murphy Public Auction 26th Feburary at The Strand Hotel, Ennis Road, Limerick.

REA O'Connor Murphy are holding our first Auction of 2015 at The Strand Hotel, Ennis Road, Limerick on Thursday the 26th of February at 12.00.

For further information contact REA O'Connor Murphy on 061 279300 or auction@reaoconnormurphy.ie

More Details

New mortgage cap will drive pressure on rental markets - REA

The Central Bank’s proposed new mortgage borrowing cap of 80pc will lead to increased pressure in rental values in the larger urban areas, according to a leading estate agency group.

Philip Farrell, CEO of Real Estate Alliance, believes that measures should be introduced which reflect the reality of Ireland’s ‘three-tier’ property market.

“The big issue here is the variance of property values through three distinctive tiers – Dublin, the commuter counties and large urban areas nationwide such as Galway and Cork, and finally, the rest of the country,” said Mr Farrell.

“These follow different patterns and the price of an average house can range from €60,000 in some counties to €425,000 in particular parts of Dublin and as result of this, people buying in the capital may require a net deposit of €70-80,000.

“The new mortgage borrowing cap will exclude most first-time buyers from purchasing in Tier One, or the greater Dublin area.

“This will, in turn, increase the pressures on rental values, which are back to levels only 10% off their peak of 2007, unlike property values which are still up to 40% off their peak.

“There is absolute merit in what the Central Bank are introducing and it is to be welcomed in assisting in the prevention of a property bubble in the future.

“This has proven successful in particular parts of the world, especially Asia.

“However, it remains somewhat untested in this part of the world.

“Real Estate Alliance would suggest that two alternatives be looked at, if the cap is to be introduced.

“We call for the Central Bank to acknowledge the three tier market by introducing realistic brackets for different house prices, which would assist in removing the geographical inequities which are apparent in the sector. 

“We would also back the introduction of an insurance policy, which the borrower would take out to provide protection on the differential between 10-20% of the deposit if the loan defaults.”

Real Estate Alliance (REA) is Ireland’s leading property group of
Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.



Ends

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037  darren@mediaconsult.ie

Real Estate Alliance UK Property Show

Real Estate Alliance has announced they are bringing their properties to the REA Property Exhibition in London on the 21st of March 2015. The exhibition will take place in the Millennium Gloucester Hotel, 4 Harrington Gardens, London. The event will take place from 11am to 2pm. The Group will be presenting a large sample of their properties all across Ireland with many properties under €100,000.

UK Buyers are active in the Irish Property Market. Sterling’s strength is giving them buying power. We are going to the source with our UK Property Show in March 2015.

If you are interested in listing your property with Real Estate Alliance, register your details with REA & we will get a local agent to contact you. http://www.realestatealliance.ie/london

Date:

21st of March 2015

Time:

11 – 2pm

Location:

Millennium Gloucester Hotel & Conference Centre, 4- 18 Harrington Gardens,London, SW7 4LH

C.15.8 acres, Clonroosk, Portlaoise, Co. Laois for sale by public auction 5th February, 2015

REA Sothern are holding an Auction on theat 4pm in The Killeshin Hotel, Portlaoise, Co. Laois on February 5th for c. 15.8 acres, Clonroosk, Portlaoise, Co. Laoise.These lands have extensive road frontage to the southerly bypass and consists of C. 10.85 acres zones residential and remainder unzoned flood plain.

More Details

More info contact REA Sothern on 059 9131218

Strong 2015 predicted for house market outside Dublin

House prices outside of Dublin are expected to rise by as much as 20pc next year, as the rest of the country begins to catch up with the capital

Dublin prices soared for much of this year, although the market cooled somewhat in recent months. However, 6pc growth is still expected in 2015.

Outside of the capital, where values are much more affordable and therefore less likely to be affected, house prices are expected to continue rising strongly through 2015 - by as much as 20pc.

A survey carried out for the Irish Independent by the Real Estate Alliance (REA) shows that agents in Dublin believe prices will rise by just 6pc next year.

Uncertainty caused by proposed Central Bank restrictions on mortgage deposits has undermined confidence in the Dublin property market.

This month's survey of more than 50 REA member firms shows that the capital's property market has largely stalled in quarter four from September to December

Agents said that it was now taking six weeks to sell the average Dublin home - a rise on the April-to-June figure of four weeks.

Agents in Dublin reported a flat fourth-quarter in many areas, with some buyers simply taking a watching brief due to uncertainty over the proposed Central Bank directive

"It is clear from our agents that the lack of clarity from the Central Bank is having a large impact on confidence. However, even if it is resolved, the supply issue still remains. For a period for five years, the construction sector ground to a halt and we are still feeling the effects of this through the lack of availability of new homes," said REA chief executive Philip Farrell.

But commuter counties and the other major cities are expecting a strong 2015 - with healthy demand and limited supply being major factors, according to REA agents.

Westmeath showed the highest price growth expectation for 2015 at 20pc, followed by Kilkenny, Clare and Galway city all at 15pc. On the other end of the scale Sligo showed the lowest growth expectation at 4pc.

Demand in the three main cities outside Dublin is expected to remain high due to a lack of supply, with prices in Cork expected to rise by 10pc, Limerick by a stronger 12pc and Galway City by 15pc thanks to a shortage of good quality homes for sale in the Western capital

Commuter counties Meath (13pc) and Kildare (11pc) have major towns with re-awakening property markets.

Meath, in particular, is reporting impressive growth in Kells and Trim. However, there are no new developments proposed for either town in 2015, unlike Navan, where prices are predicted to rise by 15pc.

Meanwhile, REA agents in many parts of the country are warning house building will not start until prices rise above cost value. "The demand for new builds is there, but until prices reach a certain level, some builders are reticent to begin developments," said Mr Farrell.

"Overall, we are now seeing a welcome return to a normally functioning market where you are likely to see less volatility and, thankfully, more predictability. As the market started to rebound, some of the high percentage recoveries that we saw in 2014 were quite misleading, due to the limited number of transactions involved, and the low price base that we were coming off."

Finally, the REA survey shows cash buyers reducing significantly, from 70pc of transactions 15 months ago to about 40pc today.

Ireland's three-tier housing market

Despite much being said about Ireland having a two-tier property market, evidence suggests that prices are moving in three blocks:

Dublin

Dublin city and county became the first Irish market to recover. It was in leafy Dublin 4 that property values first began to inch up early in 2012, with affluent buyers swooping in. The impetus spread rapidly outwards, suburb by suburb.

Driven by shortage, the looming end of tax incentives for investors, and the last hurrah of cash buyers, 2014 saw prices in Dublin increase by 24pc. This was the highest price inflation in the world

It is generally thought that Dublin experienced a fall in values of up to 60pc since the bubble began to burst in late 2006. It has meant that prices had room to inflate.

Latest evidence is that runaway inflation is cooling.

Cities and commuter belt

After Dublin, Cork city was the next market to recover. It went from static prices to a rapid rise at the end of 2013. This was spearheaded by an investor feeding-frenzy at the bottom, with apartments snatched up.

Galway soon saw its prices begin to surge in a similar fashion and Limerick was next. Cork and Galway are now both experiencing similar issues to Dublin.

Meanwhile, the belt of commuter counties around Dublin - where prices had been hit especially hard in the downturn - also began to recover late in 2013. This occurred as first-time buyers started being priced out of Dublin.

The rural counties

These counties - the last to be hit by the property crash and the last to recover - began to see prices rise again in early 2014.

Buyers pounced on what they believed to be the cheapest prices in a generation.

Central Bank lending restrictions will certainly have an impact but, at the same time, it won't be as much of an obstacle to buyers. When a semi-detached house can cost €100,000, a deposit of €20,000 is more achievable

Further Information: eimer@realestatealliance.ie 086 8249040

5 Steps to buying your home

STEP 1: Get agreement in Principle

• Know your price range & limit.

STEP 2: Research Properties

• Check out maps & different locations
• Know the particular area you want to buy a property.
• We advise all purchasers to do a checklist of what they expect when buying a home.
• Ask yourself:
• House or Apartment? New or Second Hand?
• Location close to work / family & friends?
• Importance of Local amenities
• shops, schools / other facilities
• Features in a property that are important to you
• number of bedroom / garden space / heating type /garage etc.

STEP 3: Contact your local REA Agent

• Register your requirements with local agents.
• Pop into their office – just because a property isn't listed for sale they may have something coming available that will suit your requirements.
• Check out Websites: main property websites: www.realestatealliance.ie / www.daft.ie & www.myhome.ie
• Drive By the property - It's very important that before you view a property you take a drive by the property know exactly where its located & know the general area ask yourself: Do I see myself living here?

STEP 4: Viewings / Inspections

• From you research view a number of properties.
• Never let minor negative defects turn you off viewing a property.
• Remember a lick of paint & some imagination can make all the difference!!
• From your viewings determine: YES / No or MAYBE properties.
• We would always recommend that you revisit the properties with family & friends determine which property is top of your list.
• Ask as many questions as possible take your time & don't be rushed

STEP 5: Make an Offer

• The agent will always advise you on a current offer on a property.
• It's also useful to find out other information prior to making an offer: Find out how long the property is on the market, what’s the vendors expectations, what is included in the sale, is there a management company (cost / house rules etc.) BER rating Etc.
• Place your offer on the property.
• Once your offer has been accepted you can contact your lender to move from "Approval in Principle" to "Full Loan Approval".
• It would be common practice in today's market an agent would obtain a copy of your approval upon paying a booking deposit. ]
• SALE AGREED & the sale is instructed (onto the legal side of things

Property market facing more certain 2015

The property market is facing a more certain 2015 following a period of uneven growth nationwide over the past 18 months, according to national estate agency group Real Estate Alliance.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

“We are definitely seeing the market taking its breath in the more-heated sectors, such as Dublin, where we have seen a softening of demand over the past six weeks,” said incoming REA Chairman Seamus Carthy of REA Seamus Carthy, Castlerea & Roscommon.

“In Dublin you are still going to have a lack of supply and no great increase in the new homes coming to market.

“However, the panic buying has gone out of a market that had seen an average house appreciate by almost 31% over the past 18 months.

“Our REA Average House Price surveys throughout 2014 identified the emergence of a three-tier market.

“Demand and prices in tier two, which is the commuter belt and major cities such as Cork and Galway, are beginning to take on a more predictable look after rapid growth in 2014.

“There will still be a demand nationally in 2015 for 20-25,000 new homes which will not be satisfied due to a lack of availability.

“Market forces will dictate and that you will see increases in most sectors, albeit at a more measured level than experienced over the previous 15 months.

“The third tier, which are the remaining towns and surrounding areas, have shown an increase in recent months, albeit at a sustainable level, and for the first time each county has shown an increase.

“Notably, in tiers two and three, we are seeing a steady continuation of the recent reductions in time taken to sell, and an increase in mortgage-backed buyers.”

CEO Philip Farrell has hailed the past year as an exciting one for the group and the property market.

“We have seen REA increase their membership to 52 branches nationwide and the group’s profile rise thanks to our members giving an informed an qualified view of the market through our average house price surveys.

“We hope to be announcing a number of new offices in the new future and have expanded out head office staff by three.”

REA Board 2015: Chairman: Seamus Carthy (REA Seamus Carthy, Castlerea & Roscommon Town), Vice Chair: Michael O’Connor (REA O’Connor Murphy, Limerick), Barry McDonald (REA McDonald, Lucan), Harry Sothern (REA Sothern, Carlow), Michael Gunne (REA Gunne Property, Dundalk), Eamonn Spratt (REA Spratt, Dungarvan), Joe Brady (REA Brady, Carrick-on-Shannon), Eoin Dillon (REA Dillon, Nenagh), Liam Browne (REA Paddy Browne, Ennis).

REA O'Keeffe of Charleville joins REA

Ireland’s fastest-growing network, Real Estate Alliance, have announced the addition of REA O’Keeffe in Charleville to its national roster.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

The innovative Group this week unveiled its new member in Charleville, adding to its growing national footprint.

“We are delighted to welcome Sarah O’Keeffe of REA O’Keeffe on board. Her firm represents the type of firm which Real Estate Alliance is proud to be associated with – experienced, professional and qualified,” said REA CEO Philip Farrell.

“The combination of business being distributed to REA agents from central office, together with the requirement that all agents must be accredited Chartered Surveyors is proving a major attraction to new members.

“Members enjoy the fact that Real Estate Alliance is different from other property groups and they can tap-in to the wealth of knowledge within the group which is particularly useful in valuation work.

“The recent addition of our new Property Tracker system that interfaces with the clients to give real-time reports to banks and receivers, allows agent and client to deal with sales and management in a much more efficient manner.”

Sarah O’Keeffe of REA O’Keeffe in Charleville has joined the Alliance due to the Group’s increase presence on the national stage and expert take on the property market.

“We feel that the progressive approach which REA are currently showing in the market place is a vindication of their belief in the positive future which is ahead of us, both in terms of our economy and the property sector,” she said.

“REA are visible, innovative, effective, and their nationwide view on the market through their continued surveying is one that provides a realistic and trustworthy message to both buyers and sellers.”

Ends

Auction in Limerick on the 20th of November a huge success

REA O'Connor Murphy held an Auction on the 20th of November at 12pm in the Strand Hotel. Contact REA O'Connor on 061279300. Four properties went under the hammer with all Lots selling in excess of the reserves. Main Development Land at Rosmor made €590,000 with a guide at €225,000 to €275,000.
Retail unit at Woolworth Lane, Limerick
Building with potential at Myles Street, Limerick
Industrial Unit at 4B Eastway Business Park, Ballysimon Road, Limerick
DEVELOPMENT LANDS at Rosmor, Old Cork Road, Limerick. More Details

Seamus Carthy appointed a new Chairman of REA

At the Real Estate Alliance AGM last week we announced the appointment of REA’s new Chairman, Seamus Carthy of REA Seamus Carthy in Castlerea & Roscommon Town. He will be supported by the vice Chairman Michael O'Connor of REA O'Connor Murphy and the board including agents from the various firms in REA. (L-R Michael Gunne, Liam Browne, Barry McDonald, Michael O'Connor, Seamus Carthy, Harry Sothern, Joe Brady, Eoin Dillon and Eamonn Spratt). A great team!

Auction of Former Development Lands in Nenagh, Co. Tipperary on 4th December 2014 at 3pm

Auction to be held of Former Development Lands (8.09 ha) in Nenagh, Co. Tipperary on 4th December 2014 at 3pm.
REA Eoin Dillon are holding an Auction on Thursday, 4th December 2014 at 3pm in the Ormond Hotel, Nenagh, Co. Tipperary. The subject lands are an impressive parcel of former development lands comprising of 8.09 ha (20 acres) available in one lot with long term development potential (subject to Planning Permission).
AMV €200,000 inc VAT.
Contact REA Eoin Dillon on 067-33468 or info@readillon.ie
More Details

Women have the final call when it comes to buying Ireland's homes

When it comes to a couple's ultimate decision about whether or not to buy a home, who really makes the final call - the man or the woman?

In the UK, the last survey on the subject was conducted by the FindaProperty portal, which determined that women make that vital decision - by a majority of almost two-thirds (63pc) to one-third (37pc) to the men.

The data would not surprise Irish estate agents who have always maintained women are in the driving seat when it comes to the final say on buying a home.

But to what extent?

Independent Property commissioned theReal Estate Alliance - a network of established estate agency businesses with bases in all 26 counties - to survey their members with the following questions:

* In the case of couples buying homes, which partner's opinions carry the most weight in achieving the final decision to purchase?

*For women, what are the most important factors in choosing a home?

*What are the deal breakers for women?

In the latter case we threw in some examples (location, price, space) and we included one stereotypical red herring - "too dirty" - to make things interesting.

* We then asked their members if they had any general observations to make about men and women and how they behaved in the house buying process.

The results, compiled from the views of the 35 estate agency firms around the country who responded, very conclusively show that Irish women are even more dominant as final decision makers in the house buying process than their UK counterparts.

As compared with 63pc in the UK, amongst Irish home-buying couples, the REA firms estimated a phenomenal 97pc of final decision making was made by the woman - compared with a minuscule 3pc for men.

And despite the stereotype women were not as focused on the cost of property as their men, the resulting REA survey demonstrates clearly the cost of the property and the mortgage repayments ahead are firmly on the woman's agenda - along with her children's education.

Price and schools were tied (41pc) as the two items most commonly included in the top three most important factors REA agents said were vital for the female half of the buying couples they dealt with.

Next up came decor - with 37pc citing it came in women's top three. Next came the quality and size of the kitchen (19pc had it in their top three women's priorities).

The next most common top-three priority was the garden at 16pc and finally, and perhaps surprisingly, came the home's overall layout at just 6pc.

But the adage location, location, location has not been forgotten - it ranks as the biggest deal-breaker for women according to the 35 REA firms who responded - on a "deal-breaker factor" of 1 to 5, with five being most vital, location ranked 3.3 just ahead of "not enough space" at 2.9, price as a deal-breaker came third at 2.94 but, perhaps surprisingly, "too dirty" was afforded a deal-breaker factor of 2.53 out of five.

Closer inspection shows that only 9pc of agents surveyed said that dirt was "not important" to women buyers. In fact 47pc said dirt was "important" with 26pc stressing this issue as "very important" and 18pc rating this factor as "essential". This statistic suggests almost one in five women might not buy a house because it is dirty.

Louth-based estate agent Darina Collins sees no surprises in the survey results after more than 20 years selling houses. Collins is the joint owner of the REA Collins O'Brien estate agency in Drogheda along with partner Gabriel O'Brien. Their clients are a mix of city commuters and town and rural based clients. In her view the survey largely reflects her experiences.

"We have an in joke in estate agency that if she hates it and he likes it there's no chance of a sale, but if he hates it and she likes it there's always a chance.

"By and large, even in a modern society where women work, they will tend to have more invested in a home thanks to their children. So it is natural that women tend to make the most important of decisions.

"What we tend to see is she does all the running in the home hunting, she makes first contact and at a viewing, she leads the questions while he goes around banging on walls and turning on the taps.

"While the men are looking under sinks, she is looking in the wardrobes to see if they are deep enough. And even if he's the one who leads the viewing and asks all the questions - men normally ask about practical issues like BER ratings and structural stuff like whether the house is timber frame - then she's still likely to be the one who will make that decision.

"What I always see is that women buy from the heart whereas men tend to be caught between stools - between the practical and the heart. In complete contrast, if either are buying an investment property then both will behave totally differently, they will be cold, practical and calculating."

So what about the surprisingly high ranking of dirt as a deal-breaker - isn't that reinforcing a sexist cliché?

"Well, undeniably there's the 'yeuch' factor but I also believe this is based on a solid foundation - on the idea that if this home has not been properly cleaned for a viewing then it's likely it hasn't been taken care of in general. Men think that as well."

So for those selling their homes today, what can they learn from this survey - other than that it is safe to assume that understanding their core market must mean appealing to women?

"If your house has a structural problem, then the buyer's surveyor is going to find this anyway, so there's no point in trying to hide it. However, it strongly suggests that when it comes to presentation, you must liven up the grout in your bathroom and ensure it is clean, you must make sure the house is presented as best you can.

"It's a cliche to suggest presenting the house well is important, but it's really surprising how many don't. The smallest things can put people off. If you forget to put a vacuum cleaner away for example and it's out in the open, then people will assume that there is no storage space to put it in - otherwise it would be in there.

"I recently sold an impeccably turned out house - the presentation added 17pc to the asking price. Had it been badly turned out, as many houses are, then we would have struggled to achieve the asking. It's as big a difference as that."

What the agents said: Men vs Women in house buying

* "Women get more emotionally attached to properties."

* "Women buy with their heart, men buy with their head."

* "The women are dominant in making the decisions, the men carry these out."

* "The woman's decision is final."

* "Men are easier pleased."

*"If she wants it, she gets it!"

* "Females are more practical."

* "Men buy for the present, women buy for the future."

* "The first point of contact is generally made by women (especially by phone) - 80pc of first viewings are arranged by women."

Indo Property

Borrisokane Lands Sell at Auction - REA Dillon

On the 30^th October 2014, REA Eoin Dillon held a public auction at the Ormond Hotel, Nenagh, Co Tipperary in relation to 5.56 hectares (13.72 acres) of former development lands at Bushypark, Borrisokane, Co Tipperary.  The lands once had planning permission for 41 houses and provision for a further 28 houses.  They were also subject to a right of way and way-leave.  The advised minimum value was €150,000.

The auctioneer opened the auction seeking bids of €150,000 and dropped in €10,000’s before the first bidder a local farmer and contractor got the bidding off.  A local solicitor then immediately bid €125,000 and one more bid of €5,000 being received to bring the bidding to €130,000, from there on the bidding was fast and a two horse race ensued with25 bids of €2,500 being made before the auctioneer broke to discuss the matter with the vendors at €192,500 and to give the bidders a chance to catch their breath.   On his return the auctioneer immediately announced that the property was on the market and a bid of €200,000 was received from the farmer/contractor.  The farmer and solicitor quickly exchanged bids of €2,500 before the hammer fell to the farmer/contractor at €215,000.  The sale price represented a price of €15,670 per acre (€38,722 per hectare).  Speaking after the Auction the auctioneer said that the sale was an important step in drawing a line in the sand and restoring confidence in the market that the development land market had bottomed out and there was a market for good quality well located lands.   The same agent also agreed the sale of 7.6 acres of lands at Coolaholloga, Nenagh by Private treaty on the same day for what is believed to be close to €8,600 per acre.  Rea Dillon will shortly be auctioning over 20 acres of former development lands at Tyone Nenagh.  The lands once had the benefit of planning permission for over 200 houses and will be offered for sale by auction on the 6^th of December with a guide price of €200,000 inc VAT. 

Average three-bed semi rises by 17.59% in 2014

The price of an average three-bed semi in Irish towns and cities rose by 17.59% in the first nine months of the year, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

Price increases in the commuter areas around Dublin are continuing to outstrip those in the capital as first-time buyers chase bargains priced at almost half of those in the metropolitan area.

Three-bed semis have seen a rise of 21.59% across the country over the past 12 months, while prices in Dublin city rose by 24.24% over the same period of time.

The average price of a three-bed semi is now 179,981 nationally including Dublin, an increase of 26,925 (17.59%) on the Dec 13 figure of 153,056.

And the average house has risen by 9,907 since the end of June, rising 5.83% in value across the country.

In Dublin city, the average three-bed semi has risen by 27,500 over the past three months to 375,833, an increase of 20.59% on the December figure of 311,667 and a 7.89% rise over the June figure of 348,333.

“Prices are continuing to rise at a pace in Dublin, but our agents are reporting that the panic buying seems have gone out of the market, with less people at viewings and houses taking a week longer on average to sell,” said REA CEO Philip Farrell.

“The three-tier market that REA surveys have identified is still continuing, with the commuter areas out side Dublin, and larger urban areas such as Galway and Cork growing at twice the rate in the first nine months (21.88%) than the rest of the country at 11.47%.”

In Dublin, the market shows no signs of dropping off, with prices increasing by almost 8% in the last three months, after rising by 12% in the first half of the year.

The average three-bed started off the year at 311,667 and now costs 375,833.

Both South Dublin and Lucan recorded rises of 15.38% over the past three months alone, with houses in the west Dublin town rising by 40,000 to 300,000 in 12 weeks.

REA agents in Lucan are reporting that the market appears to go through a frantic two or three weeks, before slowing down and spiking again.
Although the rate of increase has slowed after a meteoric rise in Tallaght, the price of a three-bed semi in the Dublin 24 suburb has increased by 37.5% since the start of the year, and 10% over the past three months.

“Increasing rents and a shortage of supply are seen as the main drivers in increasing prices in this area,” said Philip Farrell.

The average property is now taking just seven weeks to sell nationwide, on average over 41% quicker than six months ago.

However, Dublin has seen an increase in time to sell, with houses now taking five weeks on average to close, up from four in June.

“Our agents are reporting that there are more private houses now for sale, which is giving the discerning purchaser a better choice and as a result there is not the same amount of bidders as there were in the first six months of the year,” said Philip Farrell.

There has been a sharp rise in the amount of private homes for sale nationally, with the percentage of distressed properties on the market dropping for the first time in the life of the survey.

Just 37% of properties on the market are now distressed, down from a yearly high of 45% in June.

There is further evidence that the banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in December 13 to 50% in September 2014.

“We have seen a marked increase in mortgage transactions in Dublin to 56% of all sales, with 62% of sales in the commuter areas being financed by the banks,” said Philip Farrell.

“We are also seeing investors being influenced by the end of December deadline for obtaining capital gains tax relief over the next seven years.

“We also feel that the recent proposals on mortgage finance announced by the Central Bank could have a direct impact on the market from January 2015.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

REA Statement following 2014 Budget

 The Minister For Finance missed the chance to influence the supply and continuing rising cost of new homes in the Budget, according to Chartered Surveyors group Real Estate Alliance.

Landowners now have a greater incentive to offload potential development land as a result of today’s Budget, but more action was needed to increase the supply of new homes to market.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

“The dropping of the 80% windfall tax on development land may provide some incentive for landowners to offload potential sites as the tax will now fall into line with the standard CGT rate of 33%,” said REA Chief Executive Philip Farrell.

“We also welcome the Minister for Finance’s intention to commence a consultation process on addressing the area of landowners holding on to suitable development lands in anticipation of a large increase in values over the coming years.

“However, we feel that it is crucial that this process is initiated immediately as the fundamental issue in the marketplace is the lack of supply of homes.

“The significant recent increases in property values are not credit driven and whilst the proposed introduction of new borrowing restriction for purchasers for 2015 may stem the demand somewhat, it still does not address the primary issue of supply of new homes.

“We also feel that the Minister missed an ideal opportunity similar to that introduced in the hospitality sector in recent years to temporarily reduce the VAT payable on new homes which currently stands at 13.5% in an attempt to increase the supply of new housing.

“The proposed new lending restrictions on purchasers will create extra pressure on rental values nationally in 2015.

“REA welcome the extension of the Home Improvement Scheme to provide relief for investor/landlords.

“This can only lead to a higher standard of rental housing stock than is currently being provided in the marketplace.”

Available for interview:

Philip Farrell, CEO Real Estate Alliance 
086 250 3515 / philip@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie

Property related matters in the Budget today.

The following has been announced in the Budget in relation to property

1. The home renovation scheme has been extended to include rental properties, therefore landlords can benefit

2. As expected the CGT exemption for 7 years has been abolished and expires at the end of the year.

3. The 80% windfall tax has been abolished and gains on the sale of development lands will be taxed at the standard 33%.

4. First time buyers will be able claim back full relief on the dirt tax payed on their savings.

5. Indicated that a consultation process will take place to address the issue where landowners are holding on to development land in the expectation of an increase in values.

6. Relief introduced for the new water rates reducing annual charge by 20%

7. Other announcements

a) 41% tax rate reduced to 40%

b) 8% USC charge over €70,000 income

c) No change in petrol or alcohol

d) 40 cent on cigarettes

e) No change in VRT