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Getting a foot on the property ladder

Even with falling house prices, many people still find the cost of purchasing their first home a daunting task that often seems to be just one step too far ahead of their income level. Parnell housing development in Ladyswell

Fingal County Council’s latest offering, under its much acclaimed Affordable Housing Scheme, will bring relief to many Dublin 15 people who are still trying to get a foot on the property ladder. The council is currently launching 74 apartments and duplexes in its new Parnell housing development in Ladyswell with prices starting at an amazing €180,000 for two bedroom units.

The scheme, which has been developed by the Respond Housing Association in conjunction with Fingal County Council, is located on the Ladyswell Road opposite Parslickstown House. There are 272 houses and apartments in the development, of which 178 will be sold under the Affordable Housing Scheme. The remaining 94 units will be rented and managed by Respond.

Initially the council is offering 74 apartments and duplexes for sale. 36 of these comprise two bedroom apartments in nine small blocks of four apartments each. The apartments are remarkably spacious and each comprises 58m2 (625 ft2) and they will be offered for sale at the remarkably low price of only €180,000. According to Dick Brady, Director of Housing with Fingal County Council the market value of these apartments is approximately €245,000.

A further 19 two bedroom ‘own door’ apartments are also included in this phase of the scheme and these slightly larger units will be selling for €185,000.

There are also a number of three bedroom duplex homes included in the development and nineteen of these are included in this phase and these larger units – 86.6m2 (932 ft2) are being offered at prices starting at only €200,000.

While the ground floor units have their own back gardens, the entire development is centred around a beautifully landscaped common garden area that is particularly safe for children.

The overall finish of the estate is also of a very high standard with a significant level of open space and a well appointed children’s playground.

Phase two of the scheme, which will be offered for sale later in the year, will comprise a further 104 units made up of 18 three bedroom bed duplexes and 86 two bedroom apartments.

Anyone whose income level qualifies them under the Council’s Affordable Housing Scheme can apply to buy one of the houses. In general this means that a single person or a couple with one partner with an income of €40,000 can qualify. Where both partners are working the Council uses a formula to assess the level of their joint incomes. This would mean that one person could earn up to €30,000 and the second person up to €20,000 and they would still qualify.

Mortgages of up to 95% are also available for these homes. The level of mortgage is generally based on the purchasers ability to make the repayments and the council uses a ‘rule of thumb’ that repayments should not exceed 35% of the mortgagee’s total outgoings.

“One of the key changes we have introduced this time around is that purchasers can get their loans from the banks,” said Dick Brady. “Up to now purchasers buying a house under the scheme could only use the county council’s own system of loans. As we’re not a bank this new approach will allow people much greater flexibility as well as offering them benefits of working with the banking system.

“It also means they will be able to avail of mortgage protection policies and such options as top up loans for home improvements and extensions down the line,” he said.

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