Thursday 27 June 2019

The new home view: First-timers rush to cash in on help-to-buy scheme

 

Kenure Gate will come to the market this spring
Kenure Gate will come to the market this spring
Bedroom in Lansdowne Place in Ballsbridge
Meadowbank in Swords
Belcamp in Malahide

Gabrielle Monaghan

A larger number of new housing schemes and fresh phases of existing developments are poised to go on the market in 2019 compared to last year, according to some property agents and nationwide listings put together by the Irish Independent.

For instance, Damien Dillon of Dillon Marshall New Homes expects to handle 19 new schemes in Leinster alone and expects more stock to come on stream in the market as a whole. However, he saw a lull in the market in the fourth quarter of 2018 because the 20pc of mortgages that lenders can give buyers in a year that are exempt from the Central Bank's income-to-value ceilings were front-loaded towards the first half of 2018. As a result, buyers waited until this January to house-hunt and to take advantage of new exceptions.

Demand from first-time buyers in the start of 2019 has also been heightened by expectations the help-to-buy tax rebate scheme will be scrapped at the end of this year.

"We are bringing forward all our launch dates because there is a worry from developers' perspective about the end of the help-to-buy scheme and that there is going to be a frenzy in the market from first-time buyers," Dillon says. At the lower end of the new homes market, stock that is not price sensitive to first-time buyers risks "sitting there", he added. Indeed, an analysis of the Property Price Register earlier this month by the Irish Independent found that the average price paid for a new home in 2018 was €336,335, or almost 14pc higher than in 2017 - well above the €320,000 threshold the Government has said is 'affordable' if buying in the bigger urban areas. The following markets will see new developments throughout this year.

North Dublin

When it was launched in 2014, Millers Glen was the first new scheme in Dublin in seven years. Multiple sections to the development, located 2km outside Swords, have since followed. In February, Gannon Homes will launch the latest addition, Meadowbank. Styles of the three and four-bed homes will, however, be different from Millers Glen.

Enquiries to: Sherry FitzGerald New Homes (01) 667 1888

In spring, developer Durkan Residential (now called D-Res) will be releasing 40 two-bed apartments, three-bed duplexes and houses, as well as four-bed terraced and semi-detached homes at Dún Sí at St Marnock's Bay, in Portmarnock.

Enquiries to: Savills New Homes (01) 618 1300

In Donabate, Glenveagh Properties is building 134 three, four and five-bed homes at a scheme called Semple Woods. The development will be partly aimed at first-time buyers, with prices expected to start at €370,000. Semple Woods is due to launch in the first quarter.

Enquiries to: Dillon Marshall New Homes (01) 4967574 or Knight Frank New Homes (01) 634 2466

On the Raheny side of St Anne's Park, this spring will see the second phase of apartments and houses at Ardilaun Court. The MKN Group development, which originally launched in the autumn, consists of 76 houses and apartments arranged around a landscaped courtyard.

On the Malahide Road, Gannon Homes will likely launch the first phase of Belcamp in the third quarter. The scheme of two, three, four and five-bed houses, as well as apartments and duplexes, borders the Mayne river and will command views of a tree-fringed lake. Prices will start around the "mid-€300,000s", according to the selling agent.

Enquiries to: Sherry FitzGerald New Homes (01) 667 1888

In Glasnevin, a second phase will be released in January at Daneswell Place, a scheme of high-end homes being developed on the site that was once occupied by the Smurfit printworks.

In the second release, prices will start at €785,000 for the Orchid, a four-bed terraced house type with 2,001 sq ft of space. The Sunflower, a five-bed terraced design measuring 2,015 sq ft, costs from €795,000, while the Rose, a five-bed, end-of-terrace type spanning 2,530 sq ft, is priced from €995,000.

The final phase of the Merrion Homes-built Kenure Gate, beside what was once the Kenure estate, in Rush will come on stream in the spring.

Prices will likely range from €317,500 for a three-bed mid-terraced house to €380,000 for a four-bed semi-detached home. In nearby Lusk, meanwhile, the last phase of The Forge is scheduled to go on the market in a few weeks. Prices will start at €295,000 for a two-bed terraced style, at €325,000 for a three-bed, mid-terraced design, while the three-bed, semi costs from €350,000.

Enquiries to: Dillon Marshall New Homes (01) 496 7574

Dublin City Centre

The first release of 40 one, two and three-bed luxury apartments is expected to go on the market in March at The Reflector in Grand Canal Dock. The apartments are part of Park Developments' six-storey-over-basement, 123,000 sq-ft office building, which will be located on the waterfront at Hanover Quay.

Enquiries to: Lisney New Homes (01) 638 2700

 

Building up on the south side of the capital

South Dublin

In Walkinstown, developer Brian M Durkan & Co is building 11 large four-bed-plus-study homes at Limekiln Manor, with the launch earmarked for spring. The scheme of three is situated off Limekiln Road. Enquiries to: Knight Frank New Homes (01) 634 2466

In Ballsbridge, Agricula is developing nine apartments on Sandymount Avenue. Deerfield is due to be released in April. The same Sligo-based company is launching 19 Pembroke Road, Ballsbridge in March; it will contain 12 apartments.

Centurion Homes, meanwhile, is developing 10 two and three-bed luxury homes at The Rise in Mount Merrion. Called The Stables, launch is earmarked for spring.

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Bedroom in Lansdowne Place in Ballsbridge

The season will also see the first fully-built show-apartments and the hotel-style Residents' lounge opening at Lansdowne Place in Ballsbridge (above).

The spring launch sees prices starting at €800,000. In Monkstown, a small enclave called Shandon Wood will be released in March. It will comprise six four-bed, contemporary-style terraced houses. Enquiries to: Savills New Homes (01) 618 1300

Donnybrook Gardens, a Cairn Homes development of two and three-bed apartments and penthouses being built at Greenfield Park, will see the first release of 15 units in June. Enquiries to: Hooke & MacDonald (01) 6610100

Saint Pancras, a high-end development in Terenure will see the first tranche of its 35 one, two and three-bed apartments go on the market.

In Blackrock, a scheme of four four-bed semi-detached homes called Fortwilliam is due to be released in the autumn.

Off Rathgar's Orwell Road, Árd na Gréine is set to launch in early 2019 beside the Russian Embassy. The scheme of three luxury homes is aimed at downsizers. Prices from €1.3m. Enquiries to: Knight Frank New Homes (01) 634 2466

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Amberley, Blackrock

Also in Blackrock Pathville Ltd is developing nine homes on Stillorgan Park Avenue. The development, called Amberley (above), will launch in the spring.

In Terenure, nine three-bed mews houses are being built by Seabren Developments called Aideen Place with a spring launch.

The same firm is also building three mews houses on the Lower Kimmage Road that will be known as Riversdale Mews.

The third phase of White Pines, a development located on the northern end of Stocking Avenue in Rathfarnham, is due to come on stream in February. Prices start at €425,000.

In Dundrum, The Nurseries will be launched this spring off Taney Road. The scheme will comprise 31 three and four-bed terraced, detached and semi-detached family homes.

In Glenageary, Belgrove Homes is developing five houses and 14 apartments for a scheme called Feldberg, located off the Upper Glenageary Road. The scheme is due to be released in late spring.

In the same suburb, the next release at Coliemore Homes' Auburn Green is due to go on the market in February. Prices start at €715,000.

In Churchtown, 27 three-bed houses are due to be launched at Hazelbrook Court in the third quarter.

A Dun Laoghaire building that was originally the 19th-century Anglesea Arms Hotel is being converted into high-end apartments. Prices will likely start at €600,000, launching in March.

On the Monkstown Road, prices will be even heftier at Purbeck, a Lulani Developments scheme of just seven houses - from €1.075m apiece. Enquiries to: Sherry FitzGerald

New Homes (01) 667 1888 In Shankill, Red Block Construction is transforming a Victorian pile called Eaton Brae into large apartments and building some 14 houses on its grounds. It's scheduled to go on the market in the second quarter. Enquiries to: Dillon Marshall New Homes (01) 496 7574

March will see the addition of 24 two and three-bed apartments at Clay Farm in Leopardstown. Enquiries to: Savills New Homes (01) 618 1300 In Carrickmines, the first of 75 three and four-bed homes will be released this spring at Fairways.

It is being developed at Carrickmines Manor, off the Glenamuck Road. Enquiries to: Knight Frank New Homes (01) 634 2466 In Foxrock, Winterbrook will launch Westminster Wood, a development of 23 homes this April. Enquiries to: DNG New Homes (01) 4912600

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