Dedicated, Professional & Passionate about Property
Rental Review: First Quarter 2023 15 May 2023
Irish Property Market Rent Review
Market rents in the first quarter of 2023 were an average of
1% higher than in the final three months of 2022, the smallest increase since
The average market rent nationwide between January and March
was €1,750 per month, compared to €1,387 in the first quarter of 2020 and a low
of just €765 per month seen in late 2011.
There were significant regional differences in how rents
changed in the first quarter.
As in recent quarters, the upward trend market rents around
the country is driven by extraordinary shortages in the availability of rental
Nationwide, there were just 959 homes available to rent on
May 1st . While this is up 13% on the same date last year, it still represents
one of the three lowest totals for availability at the start of the month in a
series that extends back to the start of 2006.
Over the past two years, the private rental market has faced
growing challenges due to various factors. Initially, as society reopened after
the COVID-19 pandemic, followed by the war in Ukraine causing a refugee crisis,
the rental market experienced increased strain. There are indications that the
situation is not improving and may, in fact, be deteriorating. While the
availability of rental properties has stopped declining, it remains at
exceptionally low levels. Additionally, the rate of rent increase from January
to March was significantly smaller compared to the average growth observed in
2021 and 2022.
However, addressing the rental housing shortage in Ireland
requires significant intervention from policymakers. Although the number of
rental homes entering the market from newly built developments has remained
steady in recent months, it is anticipated to decrease in the coming quarters
unless issues regarding planning certainty and economic viability are
addressed. Ultimately, policymakers must establish a clear plan outlining how
tens of thousands of new rental homes will be delivered in all major towns and
cities throughout this decade.
Average market rents, and year-on-year change, 2023 Q1
Dublin: €2,337, up 11.2% year-on-year
Cork city: €1,731, up 7.7%
Galway city: €1,772, up 11.8%
Limerick city: €1,645, up 10.8%
Waterford city: €1,399, up 10.8%
Rest of the country: €1,373, up 12.7%
Breaking Down the New Rent Increase Laws 06 August 2021
There seems to be a lot of confusion since the Government announced they were changing the way which rent increases were going to be set in July 2021 and we are here to break it down for you.
The Residential Tenancies Act 2017 was originally amended to state that in rent pressure zones (RPZs) a Landlord could increase the rent annually by a maximum of 4%., and outside of the pressure zones it could be increased bi-annually.
However, in July it was brought in that the 4% cap is being replaced and from July 9th 2021, rents in RPZs (rent pressure zones) can now only be increased in line with inflation as recorded in the Harmonised Index of Consumer Prices (HICP), with bi-annual reviews outside of RPZ being extended for an additional three years.
Using the HICP value on the date the rent was last set, you can see the difference between this value and the most recent HICP value, if there has been an increase in HICP values the RPZ calculator will produce the rent increase allowed however, if the percentage is a negative or zero value it will show that no increase is allowed. It's really that simple
We highly recommend that you always use the RPZ calculator to ensure that your calculations match up with that of the RTB which we have linked to here
You can also view the full HICP values dating back to January 1996 here:
We hope we made the confusion on the new laws as little easier to understand but if you have any further questions on the new rent increase laws please leave your comments down below!
The McPeake Team
Daft Rental report from Q1 of 2021 02 June 2021
Daft recently published their Rental Report from the first quarter of 2021on May 12th.
They've reported that rents have risen an average of 2% in the first quarter of this year. The average national rent is higher than the year previous, making it the largest quarterly gain since mid-2018. Rents in Dublin however have fallen, with the city centre seeing a price drop of 6.5% in just one year, making the average rent in the city now €1,974. Despite this supply in Dublin is up 20%.
The various trends from the past year reflect the availability of homes for rent with supply increasing in Dublin but decreasing everywhere else. Outside of Dublin rents are 7.1% higher than quarter 1 of 2020, with only 1,150 rental units available on May 1st (down one third than what was available the same date in 2020.) While there were under 2,500 homes available to rent on May 1st 2021.
With vaccinations rolling out and the ease of restrictions, the short term impact of covid-19 is beginning to fade however, the long term undersupply of new rental homes to the market which has been an issue now for some time still needs to be addressed
If you want to read the detailed report in full, click here
Let us know your opinions on the report,
The McPeake Team
Myhome.ie recent survey figures 15 March 2021
According to a new survey from property website MyHome.ie 47%
of prospective homebuyers think prices will rise by up to 10% in the coming
year, while just 26% of respondents said the same last November and only 15%
agreed with that sentiment last August.
The most recent survey of 2,521 people shows that housing
stock is the most important issue facing prospective buyers, with 50% saying
more stock on the market would encourage them to buy now.
Meanwhile, the findings show that prospective homebuyers
have largely not been impacted by Covid-related job losses and income
drops. 59% of respondents have been able to save more money for a deposit since
the onset of Covid-19 last year.
According to the survey, half of respondents agree that the
home-buying market is more competitive now than it was before Covid-19 emerged
- just 16% disagree with this statement.
Looking ahead, 40% of respondents believe the next year will
represent a good time to buy property, that figure is down from 49% last
Angela Keegan, Managing Director of MyHome.ie, said that the
findings reflect the reality in the market. "We have seen commencements
fall by 30% in 2020 compared to the year before, while second-hand stock coming
to the market has fallen by 50% in the first two months of 2021 compared to the
same time period in 2020.”
Ms Keegan said that the earlier a Covid-19 vaccine could be
approved and distributed, the better for the market. "Above all else, we
need to deal with the pandemic in order to get the construction sector back
working, improve vendor confidence, and redress the imbalance between supply
and demand," she said.
Regards, The McPeake Team... Stay Safe...
This review made our day! 01 March 2021
We always welcome and appreciate client's feedback and reviews, as we strongly believe that our customer's perception is our reality. What they think about our service, MATTERS to us! 24 February 2021
A Historic Low Level of properties for sale in Ireland! 23 February 2021
It is always a pleasure to receive such a nice feedback! 22 February 2021
10 Steps To Buying Your Dream Home 18 February 2021
Finance for Homes Limited
Unit 4, Block D, Tyrrelstown Town Centre,
Tyrrelstown, Dublin 15
Telephone: 089-615 92 82
(1) Chat to us: The first step is to find out how much you can potentially borrow. Call, text, or email us anytime to take advantage of our FREE service and we can start the journey together – we are flexible and work at a time that suits you. We will help you at every step of the process, guiding and advising you along the way.
(2) Apply for a mortgage: We will work to get you the best deal for your circumstances and even help you complete the application forms! We will give you a checklist of the documents you will need, tailored to your unique circumstances.
(3) Receive your Approval in Principle: Your application is assessed by the bank/banks that best suit your needs. If/when you are approved for the mortgage, you will receive an ‘Approval in Principle’ (also known as AIP) letter which means you can go house hunting with confidence. The AIP will be valid for 6 months and most Estate Agents will request a copy of this, plus your savings/balance of funds before agreeing to view a property. If you have concerns about this, we can give you guidance on how best to proceed.
(4) Find your new home: Once you know how much you can borrow and receive your AIP; you can focus the search for your new home within your budget. This may take some time, between finding a suitable property and potentially bidding against other buyers (usually for Second-hand properties only).
(5) Pay your deposit: Once you have your bid accepted, you are classed as “Sale Agreed” on that property. You will then have to pay a booking deposit of between €5,000 and €10,000 depending on the Estate Agent and price of the property. This deposit is refundable, if for example you change your mind, or your circumstances change. If you are fully committed to purchasing the property, the Estate Agent will arrange for the Sale Contracts to be sent to your chosen solicitor.
(6) Choose a Solicitor: They will look after the legal process of buying a home. This is called the conveyancing process, and they also carry out searches to ensure there is nothing that could undermine the value of the property. Later in the process, your solicitor will go through the Sale Contract and Loan Offer documentation with you to ensure you fully understand all the finer details. When you sign the Sale Contract (usually approximately 4 weeks after you have gone Sale Agreed) you will then pay a non-refundable 10% deposit. Your solicitor and the seller’s solicitor will exchange signed contracts nearer drawdown stage and will work to agree the closing date of the sale, a date that is convenient for both you and the seller when purchasing a second hand home, or based on the completion of your new home.
(7) Get the property valued: The bank will request you pay for a valuation on the property you choose, this will confirm the agreed purchase price is fair. This will need to be conducted by a panel valuer and we will help you arrange this. The valuation usually costs between €150 - €185. If the property you are purchasing is Second-hand, particularly over 10 years old, we would encourage you to arrange a Structural Survey. While it costs in the region of €350-€500 it is something we highly recommend. This survey will ensure there are no major issues which would cost more money down the line. Some banks may request a structural survey regardless of the age of the property, or where the valuation indicates a structural survey must be completed.
(8) Loan Offer is issued: Once the valuation and structural survey (if required) are satisfactory, we arrange the Loan Offer (also sometimes referred to as Loan Pack or Letter of Offer) to be sent to your solicitor. You then arrange to sign the Loan Offer and the Sale Contracts as noted above, in the presence of your solicitor.
(9) Take out Insurance: All banks require you to have appropriate Life Cover and Home Insurance to protect both you and the property. We recommend you arrange this as early as possible, for instance, once you have decided to proceed with the purchase of the property and requested Sale Contracts to be sent to solicitor, as Life Cover may take some time to arrange, particularly if you have any underlying health issues.
(10) Mortgage Drawdown: This is sometimes called Cheque Issue / Funding Stage and it is when the bank issues your mortgage funds to your solicitor, who then in turns transfers it to the seller’s solicitor and this can sometimes take up to 2 weeks to completion. If you are purchasing a new build, you may be called to snag the property at this point. Once your solicitor receives the payment and contacts you to confirm all is in order, you collect the keys to your new home from the Estate Agent. CONGRATULATIONS…. enjoy this next adventure!
Regards, The McPeake Team... Stay Safe...
Another precious feedback! 15 February 2021
We, at McPeake Auctioneers value your feedback & use your comments to improve our standards. Here are some more recent responses Hilary Cummins received! Hilary would be glad to help you with any questions you have regarding your property! Call us on 01 8272300 or email firstname.lastname@example.org #feedback#compliment # property #appraisal
Regards, The McPeake Team... Stay Safe...
Key findings and recent surveys. 12 February 2021
As a valued reader of McPeake Auctioneers blog we would like
to present you some key findings:
According to new figures from the Central Bank Ireland
had the second highest mortgage interest rates across the euro area in
December, coming only after Greece. The average
interest rate on new mortgages in Ireland stood at 2.76% in December, compared
to the euro area average of 1.29%.
House prices jump 7.4% in 2020 which is the
largest such increase in three years. Homes have increased by almost €20k in one year,
on average. The average sale price nationwide in the final quarter of 2020 was
€269,522, up from €250,766 a year ago.
Housing stock levels were on the floor coming
into 2020 – 25% fewer houses will be sold this year than last. The total number
of properties available to buy on December 1st was less than 15,400, the lowest
figure for stock nationally in almost 15 years. Housing supply won't meet
demand until 'at least' end of 2023, BPFI chief economist Ali Ugur said. Only
20,000 new homes will be completed this year, short of the 35,000 annual units
that are required.
The survey of more than 1,000 adults living in Ireland which
was conducted by Censuswide on behalf of Esri Ireland shows that 43% of those
surveyed said they would not want to return to the office at all, with 51%
saying they would like to be able to work from home at least part-time.
More than three-quarters of respondents say the cost of renting or buying a property is a key consideration, making it the number one factor.
Other top considerations include proximity to work, chosen by 59%, and distance to shops, cited by half of adults.
21% of survey participants said the pandemic had increased the importance of living space and facilities for them while for 14% of consumers, their importance had decreased.
The survey reveals that living conditions were more likely to have increased in importance for those on higher incomes.
The McPeake Team...
DUBLIN RENTS FALL 3% IN 2020, BUT RENTS ELSEWHERE UP 5% 08 February 2021
As a valued reader of our Blog we offer you the most recent Daft Rental Report 2020 Q4 highlights which
rent in Q4 is again higher than a year previously and is
now €1,414 - but is lowest rate of inflation since 2012
Rents in Dublin
fall by 3.3% in one year and is now €1,984
In Dublin 1, Dublin
4 and Dublin 6, rents in the final three months of 2020 were 6% lower than
a year previously, while in Dublin 2, they were 7% lower
Supply in County
Dublin is up 64%
Outside of Dublin
rents increase 5.4%
The average rent nationwide in the final three months of 2020 was 0.9%
higher than a year previously.
In Dublin, rents fell 3.3% during the year 2020, with
rent declines concentrated in the second and fourth quarters of the year. Covid-19 has had the opposite effect, with the number of homes being
advertised to rent up 64% on February 1st, compared to a year previously.
With the increase in homes being advertised, active demand for homes to rent
has also soared, up 40% compared to pre-pandemic. But the greater liquidity of
the market has helped bring rents down slightly. Nonetheless, rents in the
capital – and in Ireland’s other main cities – remain at twice their level a
decade ago. The average monthly rent stood at €1,414 in the final quarter of 2020, up from a low of €742 per month seen in late 2011.
the rest of the country, however, rents rose by 5.4% on average during 2020,
with only a modest fall in the second quarter lockdown and an increase during
the final three months of the year. The different trends in rents reflect changes in the
availability of rental homes. In Dublin, there were 2,600 homes available to
rent on February 1st, up from fewer than 1,600 on the same date in 2020. In the
rest of the country, however, the number of homes available to rent has fallen
sharply – from almost 2,000 on 1st February 2020 to just 1,139 a year later.
find out how your county is performing please access the latest Rental Price
Report 2020 Q4 on Daft.ie
Regards, The McPeake Team... Stay Safe...
Irish house prices forecast to rise by 4% as supply struggles to meet demand 05 February 2021
The Society of Chartered Surveyors Ireland (SCSI) found that
two-thirds of 250 chartered agents surveyed in December expect property prices
to increase this year, ranging from a 3% advance in Dublin to 6% growth
across Connacht and Ulster.
Experts had estimated that property values would decline by as
much as 12% in 2020 because of the pandemic.
However, the market has defied expectations, as
ongoing supply shortages were compounded as construction came to a standstill
during the spring lockdown.
“2020 was dominated by Covid-19 and this led to a stop, start,
surge property market …Given the recent introduction of new restrictions,
it’s very possible we could see a repeat of that stop, start, surge pattern in
2021,” said TJ Cronin, vice-president of the SCSI.
We look forward to helping you in 2021 with all your property queries!
Merry Christmas & Happy Holidays! 23 December 2020
Dear our customers, Please note that all
calls will be continued to be answered throughout the Christmas holidays.
Regards, The McPeake Team... Stay Safe...
Recent Review and Feedback. 08 December 2020
We always welcome and appreciate client's feedback and reviews, as we strongly believe that our customer's perception is our reality. What they think about our service, MATTERS to us!
Regards, The McPeake Team... Stay Safe...
Hello December! We are open! 03 December 2020
Regards, The McPeake Team... Stay Safe...
Property of the Week: No. 2 The Lawn, Roseville, Bettystown, Meath A92Y7X4 01 December 2020
No 2 the Lawn, Roseville, a truly unique propertywithin walking distance to the Village & easy access to the sandy coast line (300m away). It is an exceptionally spacious (140 m² / 1507 ft²)4bedroom three storey semi detached property presented in turn key condition. This would make an ideal family home for life. It offers bright, spacious and well-appointed tastefully decorated accommodation throughout.
Regards, The McPeake Team... Stay Safe...
Approvals for Government’s home loan scheme (Rebuilding Ireland) plummet 60% 28 November 2020
Increase in interest rates for Rebuilding Ireland home loans has pushed out potential borrowers.
New figures from the Department of Housing show that approvals
for the Rebuilding Ireland home loan scheme fell by 60%, draw downs fell by
Previously a successful applicant could borrow at a rate of 2 per cent over 25 years, a rate which significantly undercut those available in the market at the time. However, this rose to 2.745 per cent in January of this year, making the loans considerably less affordable, and decreasing the amount potential home-buyers can borrow. It also pitches the scheme substantially above market rates, with a rate of 1.95 per cent now available from Avant Money over seven years.
According to the figures, 235 home loans were approved in the
first six months of the year at a total value of €38.2 million, with 283
loans drawn down at a value of €47.7 million.
This compares to 574 loans approved in the first six months of
2019 at a total value of €95.7 million, with 556 loans drawn down at a
value of €93.9 million.
While applications for the scheme are not detailed in the
department’s figures it’s likely that fewer people may have applied for the
scheme given the impact of the Covid-19 pandemic on incomes, however,
the decrease in approvals in the first quarter of 2020, before the pandemic
hit, was significant at 37 per cent.
This suggests that the Government’s decision to increase the
cost of the scheme has also hit potential applicants.
One of the most noted declines was seen in Dublin city, where the scheme had been popular. Last year 140 home-buyers were approved for the scheme in the first six months of the year; this year. however, just 56 were. Fingal, which covers areas like Swords and Castleknock to the north of the city, approved 49 loans in the first half of 2019, but just 19 in 2020.
We at McPeake Auctioneers value your feedback & use your comments to improve our standards. Here are some more recent responses Hilary Cummins received! Hilary would be glad to help you with any questions you have regarding your property! Call us on 01 8272300 or email email@example.com
1. "Hi Hilary, It was a long way and I Thank You for your patience and dedication" THANK YOU SO VERY MUCH! Ian Gregorio
2. " Hilary, Thanks a million for everything. Much appreciated. Best Wishes" Breda & Family
Take a look on our recent closed deals! 24 November 2020
Contact us today for a Free no obligations appraisal and see the difference! Ph: 01 827 2300 or E: firstname.lastname@example.org or email@example.com
The McPeake Team...
We at McPeakes praise ourselves on always doing more than what's asked of us! 19 November 2020
Please take a moment and read some of the excellent reviews that have come in in recent weeks!
Recent Terms Agreed 17 November 2020
McPeake Auctioneers Commercial have agreed terms with a high end retail
food brand for Unit 3 Sutton Cross Shopping Centre - a 63 sq mt modern outlet fronting the Howth Road.
McPeakes have also agreed terms with a rapidly expanding
Food Franchise for 19 Castlemill Shopping Centre, Balbriggan - a 195 sq mt restaurant space situated at the entrance to the Centre.
Do not forget to enter our November Competition and have a chance to win €250! 14 November 2020
Industrial and warehousing rents Predictions 12 November 2020
Why just go to one Bank for your Mortgage when you can visit them all through FINANCE FOR HOMES... your professional Mortgage Specialist. 10 November 2020
Competition Time! €250 One for All voucher is here for you. Terms & Conditions below. 07 November 2020
Terms and Conditions apply:
The promoter is McPeake Auctioneers Ltd whose registered office is at
The Plaza, Tyrrelstown Town Centre, Tyrrelstown, Dublin 15.
The competition is open to residents of Ireland aged 18 years and over.
There is no entry fee and no purchase necessary
to enter this competition.
By entering this competition, an entrant is
indicating his/her agreement to be bound by these terms and conditions.
The rules of the competition and how to enter
are as follows: Any property appraised by McPeake Auctioneers between 1st
of November and 30th of November 2020 will go directly to the
Only one entry will be accepted per property.
Multiple entries from the same property will be disqualified.
McPeake‘s decision as to those able to take part and selection of
winners is final. No correspondence relating to the competition will be entered
Closing date for entry will be 30th November 2020. After this
date no further entries to the competition will be permitted. No responsibility
can be accepted for entries not received for whatever reason.
Winners will be chosen and videoed by raffle from all entries received and verified by McPeake Auctioneers and its agents on 1st of December 2020.
The winner will be
notified by email and phone call within 7 days of the closing date. If the
winner cannot be contacted or do not claim the prize within 14 days of
notification, we reserve the right to withdraw the prize from the winner and
pick a replacement winner.
will notify the winner when and where the prize can be collected or delivered.
The prize is as
stated and no cash or other alternatives will be offered.
McPeake Auctioneers reserves the
right to cancel or amend the competition if circumstances arise outside of its
control. Any changes to the competition will be notified to entrants as soon as
possible by the promoter.
The promoter is not
responsible for inaccurate prize details supplied to any entrant by any third
party connected with this competition.
decision in respect of all matters to do with the competition will be final and
no correspondence will be entered into.
The winner agrees
to the use of his/her name and image in any publicity material, as well as
their entry. Any personal data relating to the winner or any other entrants
will be used solely in accordance with current Ireland data protection
legislation and will not be disclosed to a third party without the entrant’s
This promotion is
in no way sponsored, endorsed or administered by, or associated with, Facebook,
Twitter or any other Social Network. You are providing your information to McPeake
Auctioneers and not to any other party.
Is November a good month to sell your house? It’s as good a month as any and here’s why! 05 November 2020
Many homeowners believe that Spring and Autumn are
traditional selling seasons. But the idea that houses don't sell in the Winter
months comes from slightly outdated trends.
Our 25 years of experience show that on average, homes
listed during this time are more likely to sell quicker, and achieve closer to
the asking price. November, in particular, has some unique advantages that make
it an ideal time to sell and here’s why:
Accessibility to on line advertising means house
hunters can now search 24/7, with property alerts pinging through work
days, weekends and holidays. Shorter days and wintry weather have no effect on
Buyers are more motivated to move into
their homes before Christmas or New year. Lots of buyers either waited through
the busy season in hopes of a better deal, or they're facing their own time
constraints due to work changes or other reasons. Regardless of the reason, if
buyers are looking in November, they are truly motivated, the traditional
barriers to winter house-hunting — bad weather, short days, holiday
preparations — don't apply to them.
Our experience also proves that a standard
property might do better in November/ December than it might do in the Spring
& Summer months, when the market is flooded with property, during the off-season
there are less properties available. It's true that many sellers don't think it
makes sense to try and sell their home toward the end of the year so they hold
off until Spring. Serious buyers have less homes to choose from over the winter
months, fewer listings means less competition for you!!!
A house marketed in November may appeal to buyers
looking for year-end tax breaks. Buyers looking to lower their taxes may
snap up a home late in the year so they can deduct home purchase costs. That
includes points, interest and property taxes.
Do you still think it’s better to wait until the new year to
list your property? We hope we convinced you that spring and summer aren’t
always the best time to sell and November can truly be the ideal time to list
your property with McPeake Auctioneers.
So, you’re thinking about selling your current home and
you’re looking to trade up or downsize to a new home? Call us today on 01
8272300 or email firstname.lastname@example.org
and we will be happy to assist you.
The McPeake Team...
Goodbye October, Hello November 03 November 2020
Months come and go, but McPeake Auctioneers are always here to help you with your property!!!
Contact our professional team for an expert advise!
HAPPY AND SAFE HALLOWEN!!! 29 October 2020
NOTICE MCPEAKE AUCTIONEERS SERVICE DURING COVID - 19 27 October 2020
22ND OCTOBER TO 30TH NOVEMBER 2020 LEVEL 5 RESTRICTIONS
This note is to update you regarding
McPeake Auctioneers Services.
All enquiries please to 01 82
72 300 Monday to Saturday 9am to 5.30 pm
Our communications systems are tested
and resilient. This enables many of our team members to work remotely. So, from
your perspective, you should notice no real changes.
As such, our employees will work
remotely with a staggered staff presence in the office.
Our office does have a restricted
visitor policy meaning only McPeake staff can access the office.
Should you wish to contact any of our
departments by email please see all relevant contact details below:
We are prepared to navigate through
these challenging circumstances and will continue to take our lead from
official government advice.
FALL IN SUPPLY PUSHES HOME PRICES UP 5% IN THIRD QUARTER 22 October 2020
As our valued customer, we would like to give you the latest update from Daft.ie House Price Report , which shows average listed price of housing rose by 4.8% between June and September. The jump offsets falls earlier in the year and means that the average sale price nationwide in the third quarter of 2020 was €263,750, up 2.7% on the same period in 2019 and 60% higher than its lowest point in early 2013.
The report is also stating that an average list price in Dublin City rose by 2.2% and is now €380,731.
According to Ronan Lyons,
Assistant Professor in Economics
Trinity College Dublin, the ultimate reason prices are rising again is that
there are simply not enough homes in the country,
given the population and its demographics. Supply
on the market on October 1st was the lowest in over
14 years – since September 2006, with the total number of properties
available to buy was less than 17,700. This
highlights the underlying issue affecting the Irish housing system – a
prolonged and worsening scarcity.
The significant fall in completion of new
homes to be registered in 2020 may prove a temporary blip. Nonetheless, the
level of new home construction even in 2019 was barely half of underlying need. During the first half of 2020, there were just over 3,000 transactions involving newly-built homes in Dublin, a fall of 27% compared to the same six-month period in 2019. The typical price for a newly-built home sold in the first half of 2020 was €351,000, up 5% from €335,000 in early 2019. Transactions of new homes in Dublin’s four commuter counties nearly halved between 2019H1 and 2020H1 - meaning their share of the total number of transactions involving new homes fell from almost one third to less than one quarter.
There were just over 4,000 properties on the market in Dublin on October 1, down from almost 5,500 on the same date a year ago.
Average asking prices across North Dublin City is €350,499 and Dublin 15 are as follow:
1 bed apartment €176,000
2 bed terraced €224,000
3 bed semi-detached €310,000
4 bed bungalow €513,000
5 bed detached €603,000
To find out more please contact us on 01 82 72 300 or send us an email on email@example.com
The McPeake Team... Stay Safe...
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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