Latest news with #propertyValue
Irish Times
11 hours ago
- Business
- Irish Times
Median value of homes bought by first-time buyers has risen to nearly €372,000
The median first-time buyer property value rose by more than €100,000 between 2019 and 2024 to almost €372,000, data shows. The latest Mortgage Market Profile Report from lobby group Banking & Payments Federation Ireland (BPFI) shows a big increase in first-time buyer property and mortgage values and a rise in mortgage repayments. The report, which covers the second half of last year and includes a comparison between 2019 and 2024, showed the median first-time buyer property value rose 37 per cent. It also said one in three first-time buyer homes exceeded values of €400,000 last year, three times the 2019 share. READ MORE It also showed that the median first-time buyer mortgage value increased by €78,000, or 36 per cent, between 2019 and 2024 to almost €294,000. [ Irish house price inflation at 7.5% in April as supply shortages bite Opens in new window ] Over the period, the share of higher-value first-time buyer mortgages, classed as being above €300,000, more than doubled to 44 per cent. The share of lower-value mortgages, classed as being up to €200,000, more than halved to 21 per cent. Meanwhile, median first-time buyer monthly mortgage repayments jumped by 48 per cent to €1,400 last year, up almost €500 on median repayments in 2019. This comes as the median basic household income for first-time buyers increased by 22 per cent from €70,000 in 2019 to €85,000 last year. The median mover income increased 23 per cent to €120,000, up €22,000 over the period. More than half (56 per cent) of first-time buyer mortgages in 2019 had repayments up to €1,000, but this dropped to 19 per cent in 2024. Meanwhile, 58 per cent of mover mortgages had repayments over €1,500 last year, up from 33 per cent five years earlier. BPFI chief executive Brian Hayes said the home mortgage market in Ireland had 'changed significantly in the past five years, as buyers shift to higher value properties'. 'While the share of first-time buyer properties valued at over €400,000 in 2024 trebled since 2019 to 36 per cent, almost two-thirds of mover properties were valued at over €400,000 in 2024,' he said. Mr Hayes said the increase in property prices and mortgage values have come as the median basic household income for first-time buyers increased by 22 per cent from €70,000 in 2019 to €85,000 last year. The median mover income increased by €22,000, or 23 per cent, over the same period to €120,000. Taking last year, the number of first-time buyer mortgage drawdowns rose by 2.5 per cent year-on-year to 26,242, but the value of first-time buyer drawdowns increased by 8.4 per cent to more than €7.8 billion, the highest value since 2006. Mover purchase or home mover activity declined, with volumes down by 6.3 per cent year-on-year to 9,030, but values rose by 1.9 per cent to almost €3.2 billion. The average first-time buyer and home mover mortgage values both reached their highest levels since the data series began in 2003, at €298,073 and €351,479 respectively. Within the first-time buyer market, the number of mortgages to buy or build new properties increased by 13.4 per cent to 9,755, the highest volume since 2008. While the number of first-time buyer mortgages on existing properties fell by 2.9 per cent to 16,487, the value of those mortgages reached the highest level since the data series began in 2005, at almost €4.7 billion. Mover new mortgage volumes fell by 1.4 per cent year-on-year to 1,972 in 2024, the lowest volume since 2015.
Irish Times
a day ago
- Business
- Irish Times
Surveyor disputes ‘extraordinary' claim that wind farm could devalue nearby property by 44%
A chartered surveyor has disputed another expert's 'extraordinary' view that noise nuisance from a Co Wexford wind farm could devalue a nearby four-bedroom property by up to €120,000 or 44 per cent. Tom Corr said the appropriate devaluation figure for the €400,000 Hill House property was €25,000 or 7 per cent. The current lack of housing supply means purchasers must compromise and might mean no drop in value due to noise nuisance from a turbine at Ballyduff Windfarm at Kilcomb, near Enniscorthy, he added. A valuation expert hired on behalf of Keith Rollo and Margaret Webster, joint owners of Hill House, has assessed noise nuisance could mean a €120,000 or 44 per cent devaluation. READ MORE However, Mr Corr, on behalf of the wind farm operator, described that level of devaluation as 'extraordinary'. In reaching his findings, he took research and comparators into account and placed himself in the shoes of a potential purchaser who he believed would not go into 'forensic' detail about the court's judgment that wind turbine noise caused a nuisance in relation to Hill House and another nearby property. The fact wind turbines have become bigger in size may be relevant, he said. It would be difficult now to buy a home similar to Hill House for €400,000, he added. He also considered his 6 to 7 per cent devaluation figure for a nearby property owned by Ross Shorten and Joan Carty, of Grange Road, Rathfarnham, Dublin, until they sold it in August 2021 for €295,000, was accurate. He was influenced by evidence from the purchaser of their property, who had said she could tolerate the wind turbine noise. His view was the market value of that property in 2021 and 2022, taking the wind farm into account, was respectively €318,000 and €360,000. Mr Corr gave evidence on Thursdayin a continuing hearing to assess damages for Mr Rollo, Ms Webster, Mr Shorten and Ms Carty, over noise nuisance from one of the two wind turbines at the Ballyduff wind farm. All four plaintiffs sued wind farm operator Meenacloghspar (Wind) Limited, which has a registered address at Stillorgan Road, Donnybrook, Dublin 4, seeking orders restraining or restricting its operations and damages for nuisance. Represented by John Rogers, instructed by solicitors Noonan Linehan Carroll Coffey, they claimed their sleep was disrupted, their mental health suffered and their properties were devalued due to noise, vibration and shadow flicker. The claims were denied. In her landmark March 2024 judgment on the cases, the first private nuisance claim for wind turbine noise to run here, the judge held the noise levels amounted to 'unreasonable interference'. Last month, she said she would grant an injunction restricting the turbine's operation. She adjourned the case to this week to hear arguments on the level of damages that should be awarded to the plaintiffs for the nuisance impact. The claim includes a sum of about €1 million to enable Mr Rollo, who is living in rented accommodation since March 2021 after separating from Ms Webster, to buy or build a home similar to Hill House. Now aged 51, Mr Rollo claims the noise nuisance caused a breakdown of his mental health, relationship and chance to have a family. The evidence concluded on Thursday. The judge will hear legal submissions next month.
ABC News
29-05-2025
- Business
- ABC News
House prices are being pumped up by solar and batteries, according to Domain
Skip to main content Chief of research and economics at Domain, Nicola Powell says energy efficient housing is no longer a climate issue, but a financial must-have, adding value to homes.
Yahoo
08-05-2025
- Business
- Yahoo
Home renovation mistakes and how to avoid them
If you're a first-time home renovator there are several aspects to consider, from managing projects to keeping on top of the finances. Mistakes can prove costly, so if you're considering getting any work done on the house, here are some things that you should avoid. Your budget isn't just about what you can afford You need to consider what you can afford, and then what work you can do with that money. However, you also need to think whether you will have added enough value to make it worthwhile. If you add up what the property was worth when you bought it and what you spend on the renovation and end up with roughly the value of the property now, you may have wasted everything you gained as the property's price appreciated. If it's your forever home, it doesn't matter, but life can be unpredictable so it's worth considering how much value you're adding. Do all the research into costs up front In order to control the costs, it's a good idea to get several quotes. Instead of going with the cheapest, it can be a good idea to pick a company that costs everything clearly, and factors everything in at the outset, so you don't get a cheap quote with a bunch of expensive extras further down the line. Read more: How higher house prices are impacting young people's finances However, there are things that will be costed up separately, and you need to properly investigate them. For example, if you're having major work done and need to move out and rent somewhere else for a while, remember that the average local rental cost when you first apply for planning permission may not be the same as when it actually comes to moving out. Never underestimate the power of VAT In everyday life, any VAT is always included when we buy things, so we're very used to the price we're quoted including the tax. In the building world, quotes are often excluding VAT and you need to add another 20% on top. It's vital to check this when you're looking at quotes, so you appreciate the full cost. It's also important to bear the psychological impact in mind. Because we are so used to seeing the price including any tax, it's easy to have the ex-VAT price imprinted on your mind when you're doing rough and ready calculations. It can help to cross out any ex-VAT prices and highlight the real price, so it's this that sticks in your mind. You need to think about whether renovations will add enough value to your home to make it worthwhile. · Hispanolistic via Getty Images Don't get pushed around You don't have to go with every solution suggested by contractors or salespeople — even if it seems like the answer to your problem, it may end up being a lot more expensive.
