House price growth rises to three-year high as it climbs to 8.6%

House price growth rises to three-year high as it climbs to 8.6%

Posted on 28Sep

House price growth has risen to a three year high with an 8.6% climb up to July, it has been revealed.

Prices in Dublin rose by 8.1% while prices outside it grew by 9.1%, new figures from the Central Statistics Office have shown.

In July 2021, 3,822 dwelling purchases by households at market prices were filed with Revenue, an increase of 49.2% compared to the same month last year.

The median price of a dwelling purchased in the 12 months to July 2021 was €267,000.

Viacheslav Voronovich, Statistician, said: “In the period before COVID-19, the annual growth in residential property prices fell gradually from 13.4% in April 2018 to 0.9% in March 2020. While price growth remained subdued throughout most of 2020, a trend of accelerating growth emerged in the latter part of the year and into 2021.

“Since the latter part of 2020, the number of dwellings purchased by households have returned to pre-Covid-19 levels.

“In the first seven months of 2021, there were 24,280 dwellings purchased by households at market prices. This compares to 24,416 for the first seven months of pre-pandemic 2019.”

Joey Sheahan, Head of Credit at MyMortgages.ie, added: “First Time Buyers make up a strong cohort of buyers as always, but we would expect that if the Help-to-Buy Scheme is extended in the upcoming budget, as expected, their share of the market will continue to grow.

“The percentage of new dwellings transacted over the period has also increased which hopefully is a sign of greater construction output in a market where the delivery new homes is absolutely crucial.”

Source: https://www.irishmirror.ie/news/irish-news/house-price-growth-rises-three-24993849

Help To Buy (HTB) Scheme

Posted on 16Nov

The Help To Buy (HTB) Scheme is a government initiative aimed at helping first time buyers of newly built properties with their deposit to buy or build their new home.

The HTB Scheme is only applicable to properties that are bought or built as the first-time buyer’s home. It is important to note that it does not cover investment properties.

You must take out at a mortgage of at least 70% of the purchase price.

You must be tax compliant.

A further specification is that you must live in the property for at least five years from the date you move in.

Let our experts here at MyMortgages.ie help you get €30,000 towards your new home purchase under the Help To Buy Scheme. (Note: This is based on a new build property for a first time buyer with a purchase price of €300,000.)

Contact info@MyMortgages.ie or 086 8060601 today to see if you qualify.

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Source: https://www.rte.ie/news/business/2020/0811/1158549-applications-open-for-enhanced-help-to-buy-scheme/

Applications open for enhanced Help to Buy scheme

Applications are now open for the enhanced Help to Buy scheme, announced as part of the Government’s July Stimulus package last month.

The incentive scheme allows first time buyers purchasing or building a new house or apartment to claim back income tax or DIRT paid over the previous four years, to help with the deposit needed.

Under the enhanced HTB scheme, first-time buyers who sign a contract for the purchase of a new house or apartment, or make the first draw down of the mortgage in the case of a self-build property, between 23 July 2020 and 31 December 2020 are eligible for the increased relief of up to €30,000.

First-time buyers can now claim up to 10% of the cost of a home priced up to €300,000, and €30,000 on more expensive properties up to €500,000.

This is an increase on the maximum amount of €20,000 people could claim back under the original scheme.

Revenue said all other criteria of the scheme remain unchanged.

It said first-time property buyers who are eligible for the enhanced HTB scheme can now make their application online through myAccount or Revenue’s Online Service, ROS.

First-time buyers who signed a contract for the purchase of a new house, or who drew down the first tranche of their mortgage in the case of a self-build, prior to 23 July 2020, will not satisfy the requirements of the enhanced HTB scheme but may still apply for the original relief, up to a maximum of €20,000.

Revenue said those who have already submitted a HTB application to Revenue under the original scheme but who satisfy the requirements of the enhanced relief may cancel their original application and reapply to avail of the increased relief.

It said first-time buyers whose claims under the original HTB scheme were verified by their qualifying contractor, or solicitor for self-builds, after 23 July 2020, but who satisfy the requirements of the enhanced HTB relief can request a review of their claim by contacting Revenue’s HTB Team via MyEnquiries.


Irish Mirror: “Irish house prices rose at fastest rate since late 2018 in May, CSO reveals”

Posted on 15Jul

Pat Flanagan

However the market appears to be cooling down overall

Read More


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