According to Pat Davaitt, the Chief Executive of the IPAV (Institute of Professional Auctioneers and Valuers) the Governments strategy for the Rental Sector is very unfair to landlords and will force many landlords to pull out of the market. The most recent legislation introduced by the government is in actual fact punishing landlords who had not increased the rents their tenants were paying for some time. The reasons for not doing so were mainly because they were concerned for their welfare and were happy to have a good tenant in place. Auctioneers and Estate agents in Limerick and the Munster region agree that this has a lot to do with the drop in recent rent levels. Read more in the Leitrim observer.
Limerick property developer Rudi Butler of Kirkland Investments has finally gotten the go ahead from Limerick City and County Council to build €40 million 14 storey office block in the Bishop’s Quay area of Limerick City. The Planning permission which was delayed for several months was granted on 22nd December 2016 and the proposed development which is to include 150,000 square feet of office space, 42 luxury apartments, a restaurant and cafes is hoped to commence in March 2017. The former ESB office on Cecil street is due to be demolished to make way for the new development but one of the conditions to be adhered to is that the areas surrounding the Bishop’s Palace at 104 Henry Street, a listed building dating back to 1775 must be conserved. This is good news for the Construction Sector in Limerick and Auctioneers and Estate Agents in Limerick will welcome the extra office space and living accommodation that will be made available. Read more in the Limerick post
It is expected that the construction sector will receive a welcome boost if two much needed housing developments one to be located in Annacotty and the other in Mungret get the green light to go ahead in 2017. Applications were made in the final two weeks of 2016 to Limerick City and County Council for 201 Homes to be built close to the South Court Hotel and another 104 houses as well as a 35 Unit three storey complex in Annacotty which is proposed to include housing provisions for the elderly and a single storey creche facility. With the escalating housing crisis in Limerick this news is being welcomed by first time buyers. Read more in the Limerick Leader
The Help to Buy Initiative which officially opened yesterday morning is being deemed a success with revenue announcing 120 applications had been received by 1pm and more applications were made in the afternoon. Applications can be made by registering on the Revenue website and going through the application process. The rebate can then be claimed on either DIRT or income tax.
It is hoped that the scheme will enable first time buyers meet the Central Bank Requirements on deposits and auctioneers and estate agents in Munster are hopeful that it will bring an increase in business to Cork and Limerick as people move to the larger cities outside Dublin to set up home as a result of rising prices and lack of availabilty in the Capital. Read more at the Journal.ie
It would appear from the final report for 2016 from Property website Daft.ie that the business of selling and letting properties outside Dublin is growing rapidly which is good news for Estate Agents and Auctioneers in Limerick, Cork, Waterford and Galway. The reason for this seems to be down to the lack of available homes for sale in Dublin and a sharp increase in the house prices of those that are currently on the market. Purchasers are being forced to move outside the capital when looking for somewhere to live. Nationally the average asking price for a house rose by 8% in 2016.
The report broken down however confirmed that Waterford experienced the biggest increase with list prices up by 14.6%. Limerick was close behind with housing prices up by 14%, Galway increased by 13% with Cork prices up by just over 9%. It is also reported that in most cases the average selling price is above the list price by as much as 7% in Connacht, 1% in Leinster and just a little over the asking price in Munster. Read more at the journal.ie
A welcome change for prospective first time property purchasers which was announced in last Octobers budget is now in place and open for applications from today. The new Help to Buy scheme will allow First-time buyers to recoup up to €20,000 in a tax refund which they can use to purchase a property.
Auctioneers and Estate agents in Dublin, Cork, and Limerick would hope to see an increase in property sales as the figure previously required for a deposit was 20% of the cost. The new more relaxed rules will result in purchases being made with a deposit as low as 5% only being required. Read more at Independent.ie
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