Dedicated, Professional & Passionate about Property
SCSI/PwC Construction Market Monitor 2020: Private sector activity & the COVID-19 impact 13 October 2020
Society of Chartered Surveyors of Ireland in connection with
PwC just released 4th annual report assessing current activity levels across
the Irish construction sector. This joint report provides insights into current
trends as well as challenges facing construction consultants and the sector at
large. Moreover, the report examines surveying professionals’ expectations over
the next 12 months, which is a useful gauge of expected activity levels to come
A comparison of surveyor responses between February and June
2020 provides a very clear picture of the severity of the impact of COVID-19 on
the Irish construction sector. When asked about headcount, margins and
workloads, a significant proportion (up to 68%) of surveyors reported a
downward trend across the three areas. This is a stark contrast to February
2020 when only up to 12% of surveyors expected headcount, margins and workloads
Since the reopening of the sector on 18 May 2020, activity
has begun to gear up following weeks of lockdown. Sectoral protocols introduced
provide for new working arrangements to manage COVID-19 risk. Extended
construction timelines under these new arrangements and dealing with issues
that still persist in relation to supply chain delays for certain materials,
has impacted output levels.
Covid-19 resulted in a 20% decrease in construction related activity levels in the first half of 2020
51% of surveyors expect a decrease in workload in the next 12 months
Over two thirds expect a decrease in profit during this period
Seven out of ten have a negative or neutral outlook on activity levels
Raising finance, project delays and skills shortages the key challenges
Opportunities exist to further leverage digital
Less than one in ten are ‘well prepared for Brexit
In in addition to the disruption caused by COVID-19, Brexit
remains a real and present concern for businesses in Ireland. It has the
potential to have significant impacts on business operations and trade already
reeling from the effects of the pandemic.
For further Information please visit: https://www.scsi.ie/news/view?id=134
The McPeake Team... Stay Safe...
NEW HOMES - New Release in Whitefield Hall, Bettystown, Co. Meath 06 October 2020
Dear Reader, Hoping you are
keeping safe and well through these trying times.
We are delighted to bring to the market a further selection of 3 & 4 bedroom semi detached homes for sale in Whitefield Hall, Bettystown, Co. Meath.
Whitefield Hall will comprise in total of 205 exceptionally large 2, 3 & 4 bedroom family homes, with on site crèche and local shop planned to service the development.
3 bedroom semidetached houses prices start from €285,000
4 bedroom semidetached from €307,000
We are conducting show house viewings, adhering to all social distancing guidelines - Viewing is strictly by private appointment.
Please note we are
currently sold out of three- four- and five- bedroom homes.
As soon as we have
further information regarding the next phase of units, we will endeavor to contact our registration list.
In the meantime,
should you wish to register for the next phase or have
further queries please do not hesitate to contact us.
Regards, The McPeake Team... Stay Safe...
MORTGAGE APPROVALS ON THE RISE BUT LOAN VALUES DECLINE 29 September 2020
According to Charlie Taylor from Irish Times overall 3,875
mortgages were approved in August, (14.1 % higher compared to July), of which
first-time buyers accounted for 58 per cent of the total volume.
First-time buyer approval was up 1.4 per cent year-on-year
to 2,559, while mover purchase volumes fell 17.8 per cent to 1,000.
There were 3,337 purchase mortgage approvals in August,
which collectively were valued at €834 million. Purchase mortgage approval
activity was down by 6.8 per cent in volume terms versus August 2019 and down
0.6 per cent in value.
There were 39,610 mortgage approvals in the 12 months to the
end of August, down 1.2 per cent versus the previous year in terms of volume
and 0.24 per cent lower in value terms.
“Following on from a strong uplift in mortgage approval
activity in July compared to the previous month, this further uplift in August
provides a much-improved pipeline for mortgage drawdown activity in the months
ahead, notwithstanding the fact that overall activity is still down
year-on-year,” said Dr Ali Ugur, chief economist with Banking and Payments
Federation Ireland, which compiled the figures.
“We know that actual mortgage drawdowns were down by around
18 per cent year-on-year in the first half of 2020, and this comes as no
surprise in light of Covid-19. But if recent approvals convert into drawdowns
as they normally do, we could expect to see a better outcome than originally
estimated back in April/May,” said Dr Ugur.
Homebuyers moving on in spite of pandemic! 22 September 2020
According to Irish Examiner the Covid-19 pandemic has not deterred would-be homeowners, with 71% planning to plough ahead with buying a property in the next year, compared with 68% of prospective buyers who were surveyed last May.
Property website MyHome.ie showed, that half of the almost 3,000 surveyed believe 2021 will be a good time to buy a home. And in fact seven out of 10 respondents are planning on purchasing a property in the next year.
Just 13% of survey respondents believe property prices will fall by over 10% in the next year, whereas last May, 37% of consumers predicted that outcome, MyHome.ie said.
Last month, MyHome.ie analysis showed that asking price inflation rose by 1.2% nationally compared with the second quarter of 2019.
Managing director of MyHome.ie, Angela Keegan, said that the findings reflect the ongoing demand that is evident in the market. “Even though consumers have not seen the price drops that many predicted when Covid-19 emerged, demand has stayed strong. It appears that many prospective buyers have not been hit by the economic fallout from Covid-19".
Almost three-quarters said they feel safe viewing properties at the moment.
Regards, The McPeake Team... Stay Safe...
Our Property of the Week!!! 41 Alderwood, Hollystown, Dublin 15. 15 September 2020
41 Alderwood, Hollystown, Dublin 15is an absolutely stunning four bedroom semi-detached house extends to 169 sq.mt /1,819 sq. ft. of luxurious, well designed and bright interiors, located in a small quiet estate with private playground. The area has seen considerable development over the past number of years, making it one of the most desirable locations in west Dublin.Internally the house comprises of spacious kitchen/dining room large living room, second reception/playroom, guest WC and utility. At first floor level there are three bedrooms with one bedroom ensuite, and family bathroom. The entire second floor accommodates an exceptionally large master suite incorporating en-suite shower-room.
This house must be viewed to be appreciated!!! Contact Hilary Cummins now!
Building Energy Rating must be included in all sale & rental advertisements 16 July 2020
Dear house owners, We would like to remind our customers that a property's
Building Energy Rating (BER) must be included in all sale and rental
A BER is a legal requirement for all homes, including previously unoccupied
new-builds. Failure to comply with these rules may result in certain penalties, including a
fine of up to €5,000.
There are exemptions for protected structures and some other
building types. Please visit SEAI for more information. Regards, The McPeake Team... Stay Safe...
Goodbye commuter homes, hello rural living! 20 June 2020
Swapping the city for country living!
If the experience of living in lockdown in the city has you
yearning for country life, it seems that you are not alone.
Many agents have seen a large interest from ex-pat & city
based buyers over the last two weeks. It seems that Covid-19 has given city
livers time to reflect on what they want from their homes and the kind of
lifestyle they’d like to lead.
The success of the enforced remote working experiment is a
key driver – with 78% of workers saying they’d like to continue to do so
when the crisis is over. Those most keen were in the 31- 40 age group.
Enticed by access to nature, lower property prices and the
allure of a non-existent commute, it’s likely that interest in rural property
going to continue surge over the coming months.
68% of potential buyers are planning on purchasing a property within the next year. 03 June 2020
potential buyers are planning on purchasing a property in the next year
expect property prices to fall by over 10% in the next year
believe the Government could do more to help the property sector
59% believe Covid-19
will lead to more online processes in general in the long term to minimize unnecessary contact
Prospective homebuyers are still confident about their ability
to buy despite the interruption to the market as a result of Covid-19,
according to a new survey.
The survey, from leading property website MyHome.ie, suggests
that 68% of prospective buyers are still planning on buying a new property in
the next year. This correlates with a general expectation that prices will
drop significantly – with over a third (37%) believing prices will drop by
over 10% in the next 12 months. Six out of ten respondents believe next year
will represent a good time to buy property.
The survey of 1,981 people also found that 69% of respondents
believe the Government could do more to help the property sector during
The virus is expected to have significant long-term effects,
with 59% of respondents believing it will lead to more online processes in
general to minimize unnecessary contact. Meanwhile, 21% believe it will lead
to quicker sales processes in general.
When asked what factors would encourage them to buy a property
now, 35% said more available housing stock, 33% said more overall confidence
in the economy, and 33% also said an easing of mortgage lending rules.
Half of respondents (51%) believe online viewings and virtual
tours are effective ways to view a property.
Source My home.ie .
MEASUREMENTS AND DATE ARRANGED FOR PROPERTY SECTOR TO REOPEN THE MARKET 26 May 2020
The Department of Health has provisionally approved dates
and guidelines to allow the property sector to reopen the market. The reopening
guidelines approved by the Department of Health were suggested by numerous
bodies in the property sector including the Society of Chartered Surveyors
Ireland, the Institute of Professional Auctioneers and Valuers and the Property
Services Regulatory authority.
The new guidelines, JOINT SECTOR PROTOCOL FOR PROPERTY
SERVICES PROVIDERS, provide clarity on how people can buy and sell homes in the
current global circumstances.
The measures will apply for both commercial and residential
According to the Department of Health, estate agents,
valuers and auctioneers may be able to go
It is expected that estate agents, valuers and auctioneers
may be able to go back to work from June 8th.
We at McPeake Auctioneers would like to highlight some
important measurements we are going to implement and advise our customers
attending viewings and potential buyers to note and apply Social distancing
measures at all times.
Viewers must not attend if displaying any
COVID-19 symptoms, are self-isolating or have returned from overseas in the
last 14 days.
Pre-booked private appointment viewings will be
carried out only.Name and phone contact
details of viewing party will be recorded in advance of viewing.
Please do not park close to residents’ cars or
driveways by mounting the kerbs or close to an area where children are playing.
Maximum 2 people per party and no young children
Time restricted appointments (15-minutes
recommended) with sufficient time allowed between appointments to avoid any
potential cross over of viewers.
Hand sanitizing facility will be available at
the entry point of each show unit.
Property windows will be open to ventilate the
show unit (all weather).
No bathroom facilities provided.
In second-hand properties, vendors will be asked
to leave all doors and storage areas open to avoid people touching objects
Please be assured that each of our Property Service provider
undertook a Safety training.
Regards, The McPeake Team....... Stay safe...
Interesting facts regarding property searches on line 19 May 2020
total respondents from survey regarding property searches.
·476 of which are aged
·80+% of respondents still want to buy a
home in the next 12 months
·70% are first time buyers
·54% say their budget has not been
affected by covid-19
·41% say their budget has only been
affected ‘somewhat’ by covid-19
·90% of respondents are still actively
·49% of respondents are looking to buy a
·51% of respondents are find pre
recorded videos useful in their research
·43% are respondents are finding 3D
video tours useful in their research
New Homes figures released from Construction Information Services 11 May 2020
According to figures released from Construction Information
Services (CIS) in April, Covid-19 has halted the building of almost 60,000 new
homes in various stages of commencement or construction across the island of
Ireland.In Dublin alone, up to 183
sites downed tools while work across the Republic stopped on 33,000 new houses
and 17,000 apartments. That said, construction workers, including builders,
roofers, and landscapers, have been one of the first groups allowed back to
work in the first phase of the restarting the economy, which gets underway this
month (May) and already some sites have reopened.
However, the Construction Industry Federation (CIF) has
warned that the new COVID-19-busting measures that will have to be adapted will
inevitably increase costs and slow projects. And with social housing, civil
engineering, as well as projects for the multinationals earmarked as the first
activities to be restarted, it may still be a while before work on residential
properties is picked up again.
The country was already lagging on the Central Bank’s summation
that 34,000 new homes per annum are needed in the Republic for the next 10
years to meet demands of the growing market. Now this current interruption will
set the State back even more, leaving it with a longer road out of the current
Regards, The McPeake Team....... Stay safe...
Property Protocols Update from the Society of Chartered Surveyors. 05 May 2020
Gerard Farrelly McPeake Commercial writes
Recently, the SCSI, working together with the PSRA and IPAV,
drafted a joint sector protocol document for Property Service Providers
and Valuers. This has been forwarded to the Department of Housing,
Planning and Local Government with the aim that this will facilitate a
return to work for the property sector in the near future, subject of
course to public health regulations and full compliance with social
The safety of all the people working in the property industry, their
clients and the general public is the number one priority and the aim of
these protocols is to enable a safe return to work while also providing
reassurance to clients and the general public that best practice is being
Government - Roadmap for reopening Society & Business.. 01 May 2020
In light of the announcements by Government today - Please click on the link below to view road map for reopening business & society.
The Impact of Covid 19 on the New homes Market for 2020....... 29 April 2020
The effect of Covid-19 on the housing market is likely to
come from a number of areas.
·The fall in production as a
result of time lost on new home sites.
·Delays in connection of mains
services to new home sites, due to social distancing rules.
·Cautiousness and uncertainty even
with the most committed of buyers.
·The practical impact it has on
buyers’ and sellers’ ability to transact, as social distancing rules limits
people’s ability to go about their normal business
·Its impact on the economy and the traditional
drivers of affordability.
Under normal circumstances it can take anywhere from four
to ten months to construct a new home. There
is no denying that Covid 19 will negatively impact on housing supply this year,
with forecasts predicting that we could see a reduction of completed units fall
anywhere between 20 – 35 %.
The main concern across the board is the ability for
buyers to acquire mortgages, given the employment losses throughout the Country
arising from Covid 19. This factored in with purchasers with existing mortgages
having to be reassessed will negatively impact on lending.
There is no question the demand
for new homes will be affected by mortgage challenges and the uncertainty in
the economy, but the reduction in supply should minimise this.Prior to the Covid-19 pandemic, supply was still well below the estimated 35,000 new units needed
annually, so the fall in production and supplythis year shouldincrease this
shortfall,that’s even taking intoaccount the negative demand effects arising
from Covid-19. As a result,
buyers seeking to purchase and move into a new home in 2020 will ensure
continued demand for the reduced level of stock delivered in 2020.
Going forward sellers
will undoubtedly need to remain pragmatic on pricing over the course of 2020,
as demand becomes now more than ever dependent on supply.
Spacious Office Suite to Let - Beaumont, Dublin 9. 27 April 2020
Medical Centre, 1a Thorndale Drive, Beaumont, DO5DXO9
Situated 200 metres
off the Malahide Road R107. On the junction of Elm Mount Road with Thorndale
Formerly a Doctors
Suitable for any type
of office user or consultancy.
We hope you and your family are
keeping safe and well.
As a country experiencing a lock-down and having to avoid
close contact to keep the virus from spreading, we at McPeake Auctioneers are
ready to prove that the entire process of
purchasing a new home can be carried
out completely remotely using modern technology.
As proof, we are delighted to announce that we have had a
very successful month of new home sales and
Since the lockdown measures were
implemented we have been exceptionally busy
closing new home sales, so our purchasers can start a new chapter in their
We have been actively
conducting virtual viewings and appraisals
with our prospective purchasers,
vendors and tenants.
Despite these exceptionally challenging
times, we are delighted that we are capable to continue
to be exceptionally active with new home sales and shine a light at the
end of tunnel to our clients by proving that the whole process can be done from
afar - by buyers as well as sellers.
We would like to assure you that
now more than ever we will always be dedicated and passioned about
Keep safe and stay in touch,
Yours McPeake Team
How to get your Home ready to Sell 22 April 2020
We hope that you are safe and getting used to new rhythms of life, whatever they may be.
We are all Looking forward to better days, when we can meet you in person and are free to
show you our properties for Sale and to Let.
For the time being we are all working remotely and still here to help you as best we can.
If you have any queries or are looking for some advice on selling or renting your Property
please call us today and we would will guide you through the process every step of the way.
We’re here and working hard to support you through these challenging times.
SOME IDEA'S ON HOW TO GET YOUR HOUSE READY TO SELL?
•Give your House a Deep Clean
•De-lutter your Home
•Call a handyman and finish off any unfinished maintenance
•Add a fresh coat of paint to your home if needed
•Discuss these thoughts with McPeake Auctioneers … 01 8272300
Stamp Office re-opens for socially-distant business 20 April 2020
Law Society President Michele O’Boyle has said in a bulletin to the
profession that any “return to normality” after the present emergency will be a
However, for the legal profession, the position remains that it is
entitled to continue to provide legal services necessary to support essential
services and vulnerable people, with strict adherence to WHO guidelines.
In this context, the Law Society has made progress in four key areas:
Partial restoration of Property Registration
Authority (PRA) services,
Measures to introduce remote hearings to Irish
Re-opening of the Stamp Office, and
Ongoing engagement regarding the Temporary
Wage Subsidy Scheme.
“As your president, I have endeavoured to navigate the inevitable
challenges and impediments to practice over the last few weeks, with unstinting
input and co-operation from Law Society committees and staff,” President
“My resolve to discharge my responsibility to the profession remains
Clearly, every practice will differ as to if, how, and in what
circumstances essential legal services are delivered, the president said, given
the diversity of law firms.
The profession’s engagement with Government has been driven by the
principle that compliance with essential public-health measures must be
sustainable for an extended period, if necessary.
“In other words, we must find creative ways to continue providing
essential services and protect livelihoods, even as we take unprecedented steps
to combat the virus,” President O’Boyle said.
Progress on the PRA
The suspension of most PRA services has created significant
complications for conveyancing.
The Law Society has actively lobbied on the matter and has now received
confirmation from PRA boss Liz Pope, and housing minister Eoghan Murphy that
some services will resume.
It has also been confirmed by the PRA that:
From 14 April, they are recording casework
received up to 30 March on their system,
From 20 April, the PRA will be in a position
to take in applications for Land Registry and the Registry of Deeds by
post and DX (not by hand, as the public offices remain closed).
Dealing numbers will be assigned in the normal
way, and the usual 21-day period applies in respect of lodgments under
that dealing number,
Services required to facilitate activities
necessary to support essential services and vulnerable people will be
considered for urgent processing, on a case-by-case basis,
Registry-of-Deeds registration applications will be assigned a serial
number as received and progressed in the normal way,
The official search and copy memorial service remains suspended for the
A copy instrument service will be provided from 20 April for urgent
At this stage, for operational reasons regarding bulk printing and
volume, it is not possible to re-commence a certified copy/folio and filed plan
The Law Society is seeking clarification from the PRA on a number of
matters, and a further update will issue shortly. It welcomes this
significant progress, however, and will continue to work constructively with
the PRA to overcome any remaining impediments to business.
Source: Law Society Gazette Ireland
McPeake Commercial has just the SPACE FOR YOU! 09 April 2020
A Prime Property to
match your New Business Plan.
Unit 3 Sutton Cross
Situated in a key
position in Sutton Cross Shopping Centre at the junction of Sutton Cross
fronting onto the Howth road. Strong footfall. Excellent amenities and
transport links. Sutton DART and numerous Dublin bus routes.
occupiers include Peter Mark, EBS, Super Valu and McCartan’s Pharmacy. The
Marine Hotel is immediately adjacent.
We are prepared to
navigate through these challenging circumstances and will continue to take our
lead from official government advice.
Part Time Staff Required 15 January 2020
McPeake Auctioneers are currently seeking part time staff to work weekends on several of our new home sites around Dublin 15 and North County Dublin. Interested parties must have their own transport and be available to work Saturday's and Sunday's.
For further information please contact:
Budget 2020 – A Quick Overview on the Budgets effect on Irish Real Estate 09 October 2019
Budget 2020 – A Quick Overview
€80 million increase provided for housing assistance
According to the Irish Times this will add 15,750 new
tenancies to the existing 50,000 social housing tenants already in
privately-owned flats and houses. €1.1 Billion provided by the budget will
support the construction and acquisition of 11,000 new social units in 2020
(12,000 planned for 2021).
Doherty from the Peter McVerry Trust noted the additional €80
million for the HAP scheme in 2020 was “a recognition that we will remain very
much dependent on the private rental market to accommodate those in need of
social housing and the continuing rise in cost of rent in key urban areas”.
To help with the provision of new affordable homes, an extra
€17.5m is being provided to theLand Development Agency, the Minster also
€186m is also being allocated to the Serviced Site Fund and
Local Infrastructure Housing Activation Fund in 2020.
€2 million in additional funding
will be given to the Residential Tenancies Board
This is to support their
investigations and sanctioning of non-compliance with rent pressure zone
Help to Buy Scheme
The first-time buyers grant will be
extended for two more years until the end of 2021. The scheme provides for a
refund to first-time buyers of income tax and deposit interest retention tax
(DIRT) that they have paid over the previous 4 years (up to a maximum value of
€20,000) to go towards the deposit on a house.
The Construction Industry
Federation has welcomed the continuation of the Help to Buy scheme but warned
it would not address affordability issues or rising construction costs.
Stamp duty on commercial real
estate has increased from 6% to 7.5% with immediate effect. This is the second
increase of stamp duty on commercial real estate in three budgets. 6% will
apply to transactions executed before 1 January 2020, where a binding contract
existed prior to 8 October 2019.
This increase means that Ireland
has the 3rd highest stamp duty on commercial real estate in the EU,
after Brussels and Luxembourg. This will have a major effect on the decision
making of international investors and may cause disruptions to the market
stability that is currently in place. The Ministers rationale for this increase
was that the market is increasingly performing strongly, and the sector will
continue to bear this increase “without significant impact”.
Amendments will also be made to the
legislation which will provide for the repayment of stamp duty where the land
involved is subsequently used for residential development. This is to ensure
that the rate of stamp duty chargeable after a full refund remains at 2
Property investment funds and
REITs - Anti-avoidance measures are being introduced with immediate
Revenue identified some IREFs
engaged in “Aggressive behaviour' to avoid tax. Revenue identified the use of excessive
interest charges to shelter profits from Irish property. As a result of
the review, a number of anti-avoidance measures were introduced by way of
Financial Resolution on 8 October 2019 to include new limitations on interest
expenses to prevent over-leveraging and a measure to combat the artificial
avoidance of gains on redemption of IREF units.
In addition, the Donohoe indicated
a number of targeted amendments will be made to the Real Estate Investment
Trust (REIT) regime to ensure an appropriate level of tax is paid on
property gains by a REIT in particular where a REIT leaves the REIT
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