Earnest will remain as collection agent for Non-resident Landlords. We will hold the monies until we have received confirmation that the Landlords tax return has been completed for that year. The tax held will be paid directly to the Landlord once confirmation is received.
A common question that comes up regarding responsibility for leaks is: a leak from the apartment above, who’s responsible for the repairs? The two insurances to note The Block Policy – As an apartment unit within a management company (OMC) controlled block, there will be a management company Block Insurance policy (the ‘Block policy’) in…
Introduced in Budget 2023, the €500 Rent Tax Credit will be available for four tax years (2022 to 2025). The credit will be €1,000 per year in the case of a jointly assessed couple, and €500 in all other cases. Claims for 2022 will begin in January 2023.
On the 11th June 2022, Tenancies of Unlimited Duration were introduced into law. This change provides more security of tenure for tenants. It means that, after six months living in a tenancy, the tenant will have a right to remain in the property for an unlimited duration.
An increase in the Housing Assistance Payment discretion rate of up to 35% from next month. This means that local authorities can now pay up to 35% more than the current set HAP rates – which differs between local authorities.
A vacant homes tax to be considered by Government while a forthcoming zoned land tax could be increased beyond the planned 3% rate, from a new Oireachtas committee report.
Vacant social homes will be brought back into use for Ukrainian refugees. Minister for Housing Darragh O’Brien is expected to bring a memo to Cabinet outlining medium and long-term plans to address acute accommodation pressures
Property prices rose by 15.3% on an annual basis in February. Prices in Dublin rose by 13.5% while prices in the rest of the country rose by almost 17%.
Changes to the Fair Deal rules that could free up to 8,000 homes for rental are under consideration as part of the Government’s response to house Ukrainian refugees.
Revenue will contact up to 300,000 property owners over the coming weeks as a reminder to submit their Local Property Tax for the valuation period 2022- 2025. LPT was due for submission by property owners to Revenue in November 2021.
Cabinet agreed to draft legislation for a new pension scheme for private sector workers. It is estimated that just 35% of private sector workers have a pension. The new scheme will cost the Exchequer almost €3 billion every ten years and is due to come into effect from 2024. For example a worker earning €35,000…
House prices have risen by 2.4% in the Republic of Ireland since the year began. The average price of a home nationwide now just over €299,000 in the first quarter of the year – an 8.4% increase on the same period last year. The average price nationwide is only 19% below the peak seen in…
RTB Annual Tenancy Registration is coming into effect from the 4th of April 2022. Landlords must now register their tenancy every year, within one month of the anniversary of when that tenancy began. This change will apply to new and existing tenancies. There is a four-month transition period, when no late fees will be charged…
Prices for residential properties in Ireland rose by 14.8% in the 12 months leading up to January 2022. A home purchased in the past 12 months in Dublin increased by 13.3% and in the rest of the country by 16%. The median house price nationally increased by €280,000. Among the regions outside of Dublin with…
Househunters have been advised to get a mortgage quickly as interest rates are set to rise. Experts have warned costs could go up after ICS Mortgages became the first provider to increase its fixed rates. ICS announced a rate increase on all of its fixed mortgage deals with immediate effect. The rises in rates are…
In spite of soaring house prices, house-building hasn’t returned to its pre-pandemic levels. This will cause concern among thousands of prospective buyers eager to purchase a home. The Central Statistics Office reported on Wednesday that building work remains lower than pre-pandemic levels, with construction in the last three months of 2021 down 6.3% compared to…
The Electricity Costs (Domestic Electricity Accounts) Emergency Measures Act 2022 was signed into law on 04/03/2022 establishing the Electricity Costs Emergency Benefit Scheme which will allow for €200 (inclusive of VAT) to be credited to all domestic electricity accounts. The €176.22 credit line (ex VAT) is the amount consumers will see as a credit line…
Are you waking up each morning and find your windows dripping with condensation? Is this gradually making the frames damp and mouldy? Then we might have found a solution for you! One of the most affordable solutions is to try getting some cat litter and a sock. This may seem crazy, but putting cat litter…
Divorced people will get a second chance to be home owners after a relationship breakdown under measures designed to recognise how “Ireland has changed”. New proposals will treat divorced and separated people, who no longer have a stake in the family home, as first-time buyers in certain cases. Divorced and separated people, after they move…
Two-thirds of people who are renting in Ireland are struggling to make their monthly payments. The renting crisis is often seen as a young people’s issue, those in the 45-54 age bracket, are finding it the most difficult to cope, with 71% of those within this having difficulties meeting payments. Older renters, who are aged…
Homes vacant for more than six months will face a tax of 3% of market value under a proposed law. The new Bill, published on 22/02/2022, has proposed a range of measures to tackle vacancy and dereliction including hitting owners of property left unoccupied for more than 180 days with the charge. Properties that would…
A landlord is required under law to maintain the exterior and interior of a property and to carry out any necessary repairs in a timely fashion ensuring the property meets certain basic minimum standards. Although there are no specific timeframes, below is a general timeframe given for each issue. Timeframes for Repairs and Maintenance: Emergency:…
The number of homes available to rent have fallen close to a historic low, while rents have increased sharply, according to figures from property website Daft.ie. There were fewer than 1,400 properties to rent nationally on Daft at the beginning of February 2022. In Dublin, there were just 712 properties available, the lowest level since…
9/10 rental properties in Ireland were unavailable to receivers of the Housing Assistance Payment (HAP) last year. While the number of properties to rent increased from October to December 2021, it was still 51% lower than the number of available rental properties in December 2020. There were 148 properties available within HAP limits, representing 11%…
The government published the Q4 2021 quarterly update on progress of the implementation of Housing for All. The report shows significant progress towards the government’s goal of increasing housing supply by 33,000 units per year, and reforming the housing system to ensure sustainability. Recent data gives confidence that the targets for delivery of homes for…
What can those looking to buy in 2022 anticipate, as they seek approval for a mortgage? Proof of Income: The bank will need proof of income in order to approve your mortgage request if you are self-employed, on a part-time basis, or employed on a contract basis. Although there can be exceptions to this rule,…
Rising rents and house prices has triggered a “collapse” in home ownership rates among adults of prime working age (25-54) in the Republic.House prices are now six to seven times average salaries, making housing “severely unaffordable” for many workers. Since the 2008 financial crisis, earnings have declined and become stagnant for several years and have…
How do you set yourself ahead of everyone else when you are sending an application for your dream home? Creating rental email enquiries can take a bit of time to get ready. You want to make yourself stand out so a good first impression is essential. Tenants are not always aware of how to impress…
Property prices are expected to rise by about 5% this year as supply shortages, demand is high and pandemic savings continue to drive activity. A survey carried out showed 90% of 189 estate agents surveyed in December expect property prices to increase this year, ranging from a 5% increase in Dublin, Leinster and Munster. A…
A 9.7% increase in asking prices for residential properties nationwide in 2021, alongside a record low of 11,300 homes listed for sale on MyHome.ie. In Dublin the rate of asking-price inflation rose by 7.4%, and by 10.6% elsewhere around the country. Prices also rose sharply by 1.2% in Q4 during the normally quiet winter months….
Banks are lending more money to homebuyers than during the build-up to the 2008 property market crash with fewer houses than ever available. Average asking prices for homes rose 9.7% across the Ireland last year, to €290,000. Banks are increasing the amounts loaned to those they are approving for mortgages, particularly anyone who already owns…
Earnest estate agents Please note that our offices will closed from the 24th of December and will reopen on Tuesday the 4th of January 2022. For any of our tenants please note you can contact our emergency service on 018728808. Please note that this number will be used for emergencies only and as such emergencies…
According to the latest figures, a number of landlords selling their properties and leaving the market has risen yet again. A total of 550 landlords left the market this autumn alone, an average of 46 a week. So far this year, 2,080 landlords have left the market. In 2020, 1,902 landlords left the market. The…
Rents across the country grew at their highest rate since 2017 in the third quarter of this year. RTB Rent Index Shows 8.3% Annual Increase in National Rent Price in Q3 2021. There was a 31% fall in the number of tenancies registered nationally when compared to Q3 2019. The average monthly rent at present…
The Residential Tenancies (Amendment) (No. 2) Act 2021 commenced on the 11th December 2021. The new laws brought in are: Rent increases in Rent Pressure Zones are restricted from exceeding general inflation and will be subject to a cap of 2% per year. If inflation is below 2% you will have to go by the…
The latest trend you’ll probably have seen on social media, newspapers and banners in towns is the raffling off homes and other assets. People are either doing it as a means of “selling” their property, or to raise funds for charitable causes. These raffles work by giving you the chance to win a new home…
Are you a HAP tenant and thinking of moving? If so make sure you are aware of the following. According to the Local Authority, individuals or families who have held a HAP tenancy for 2 years or longer and have an up to date rent account, can apply to transfer their HAP to another property….
Research Learn how to start investing in a rental property by learning what goes into owning rental real estate. Learn how to research markets, analyse investment properties, and how to manage tenants and properties. Determine your investment criteria Once you understand what becoming a landlord entails and how to invest in rental property, you’ll want…
A vacant property tax will be introduced ‘as early as possible according to Finance Minister Paschal Donohoe. A vacant property tax is looking to come in after Revenue has collected information on vacant homes as part of the local property tax reform. A total of 92,135 residential homes across the country are lying empty, according…
One third of homeowners are claiming that their homes have a low valuation when it comes to paying property tax. 1.57 million Property tax returns have been completed so far. There are still roughly 400,000 properties yet to be filed with Revenue. According to the reports a third of the registered properties have been valued…
Dublin is the fifth busiest real estate market in Europe with more than €3 billion invested between the end of last year and the third quarter of 2021. This puts Dublin on a par with Paris and ahead of cities such as Oslo, Milan and Manchester. London came top with €16 billion of capital inflows,…
The new Residential Tenancies (Amendment) (No. 2) Bill 2021 will cap rent increases at 2% per year in Rent Pressure Zones (RPZs). The new cap will only operate when general inflation is higher than 2%. The Bill will also provide for tenancies of unlimited duration. This was a key point under the government’s recently published…
Wednesday revealed the extent of the housing crisis in Ireland after it showed there are 64,000 fewer homes to rent today than five years ago. The number of rentals has fallen from almost 341,000 in 2017 to under 277,000 now, a drop of nearly 20%. Dubliners pay the highest proportion of their income in rent…
The number of homes to rent across Ireland has dropped to an “all-time low” according to Daft.ie. In its latest quarterly rental report, there were just 1,460 homes available to rent on 1 November. This is the lowest amount of properties available to rent since Daft began tracking availability in January 2006. In Dublin there…
New rental properties or new tenancies exempt from Government rent pressure zone legislation may be the reason why rent controls have failed curb rent inflation. Rents rose at an average rate of 7 per cent in the second quarter of 2021 to stand at €1,323 per month nationally and €1,848 per month in Dublin. Data…
THE cost-of-living has strengthened with general prices rising at a rate not seen for more than a decade and property values growing at double-digit rates. Property prices rose 11% in the year to August, the fastest rate of increase in three years with general prices rising at a rate of 3.7%, pushed up by energy,…
Vacant buildings around the country are being left to slowly decay during a time when the need for housing is at an unprecedented level. The prospect of a tax on vacant homes, in a bid to motivate owners to either sell them or restore them to an inhabitable state was not brought in during the…
As inflation bites across the board, the number of people switching their mortgage is at the highest level on record, figures reveal. It comes amid a backdrop of thousands of hopeful homebuyers being pressed out of the market by a shortage of properties for sale. Switching mortgages grew strongly in September, with volumes up by…
A cap on rent increases of as little as 2pc could come into force as early as next month. The Housing Minister is doing up the new measures, which would see rents rising in line with general inflation to a maximum value of 2pc. The measure was introduced as there were concerns that landlords were…
You may already have been contacted by Revenue with regards to your Local Property Tax. If you have your property is liable for Local Property Tax (LPT) for 2022 if it is a residential property on the valuation date of 1 November 2021. LPT is a self-assessed tax. This means that you need to self-assess…
House Prices in Ireland have risen by 9% from Q3 2020 – Q3 2021. As the supply of homes remain severely restricted. Two separate reports by property websites Daft.ie and Myhome.ie found a major increase in prices over the past year, while noting that the availability of properties for sale has dropped significantly. The Daft…
The Central Bank is to make a decision in November on whether the banks can participate in the Government’s proposed shared-equity housing scheme. They are considering “the interaction” between its mortgage rules and the Government’s proposed scheme. Housing Minister Darragh O’Brien was forced to clear up his remarks after opposition parties accused him of “misleading”…
A record €1.3billion worth of mortgages were approved last month. More than 5,000 loans approved are worth an average of almost €255,000 each, which, under the Central Bank’s mortgage rules, means the average borrower with a 20% deposit can buy a home worth almost €319,000. The amount is around €11,000 above the current average house…
Housebuilder Glenveagh says it has sold, signed, or reserved all the 1,150 homes that it expects to deliver in 2021. And it has already seen buyers reserve 300 homes that will not come on stream until next year. Glenveagh chief executive Stephen Garvey said the company was focused on “ramping up to 3,000 units” a…
A vacant property tax looks set to feature in the Government’s new Housing for All plan with a vacant sites tax also under consideration. Owners of vacant homes now have to declare their unused houses to the Revenue Commissioners and explain why they are empty and this information will be needed first. There is increasing…
The majority of people expect property prices to continue to rise over the next three years. The strong rise in prices is being powered by the fact there is so little supply on the market. While house price inflation is also likely to climb to 12 per cent this year. With the supply so low…
Property prices rose at an annual rate of 6.9 per cent in June, up from 5.4 per cent the previous month. This was the fastest level of growth seen in 2½ years. This goes to show the State’s property market still continues to be stoked by pandemic-related factors, such as increased savings and low supply….
The government’s plan to tackle the housing crisis will aim to deliver 300,000 new homes by the end of 2030 under a €4 billion per-year strategy. The Housing for All plan will be published today and will commit to a €4 billion annual investment in housing and set annual targets across social, affordable and cost…
The Residential Tenancies (No. 2) Bill 2021 was signed into law by the President Michael D Higgins last Friday. This means that from the 16th of July you can no longer apply a 4% rent increase and must instead link any rent increases on properties in Rent Pressure Zones (RPZs) to inflation. The Bill ensures…
Rent increases in rent pressure zones (RPZs) are to be capped in line with inflation. Rent controls were introduced in December 2016. These controls mean that landlords of properties in rent pressure zones cannot increase rents by more than 4 per cent a year. The Department of Housing issued a statement on Wednesday saying the…
House prices have surged by more than 13 per cent in the past 12 months. Property websites myhome.ie and daft.ie both recorded a major pick-up in headline inflation in their latest quarterly reports as the demand for homes heavily outweighs the supply. The typical asking price for a home nationally rose by 13 per cent…
The mortgage market looks set to intensify with the announcement from Avant Money that it is to begin offering long-term fixed rates, including the first 30-year fixed rate in the Irish market. It will enable borrowers to fix for the entire term of their mortgage, with rates for the 30-year term starting at 2.85% for…
House prices will ‘go beyond Celtic Tiger levels’ without dramatic changes in policy, according to a housing expert. It comes as Tánaiste Leo Varadkar has set a target of building 40,000 new homes a year, warning that home ownership is now ‘out of reach for far too many’. Mr Varadkar said the target was not…
The Residential Tenancies (No 2) Bill 2021 got announced on the 9th of June and here are the new protections under the new Bill. Any upfront payment upon the commencement of a tenancy will be restricted to a total value that does not exceed two months’ rent i.e. a deposit and one month rent in…
At least a third (36%) of Irish homeowners will see their local property tax go up from next year, and every home in the country liable for the tax will be revalued. In addition, 100,000 more homeowners face paying the tax liability from next year after the Government decided to end exemptions on homes built…
The new average monthly rent for renting a property in Ireland now lies at €1,443 as of the first quarter of 2021. This has been the biggest nationwide increase in rents despite rents going down in Dublin. From Dafts latest report we can see that the rents have gone up 2.1% in the first quarter…
Micheál Stapleton from B&B Ireland says “measures for international travel for the summer months need to be announced without delay so travellers from countries such as America, who typically plan their trips far in advance, are not lost entirely this year.” This means for the B&B sector to survive they will need the government to…
New affordable housing for first-time buyers, the Housing Minister has said. Cabinet unanimously approved the Affordable Housing Bill 2021. More than 6,000 homes will be built over the next four years under this new scheme. Darragh O’Brien said “It is the most comprehensive legislation that has been brought forward for affordable housing.” The shared equity…
Members of the Cabinet will discuss the Affordable Housing Bill being brought forward by minister Darragh O’Brien. The Bill has been criticised by aspects including its shared equity scheme for first-time buyers. The Housing Minister said the bill has “affordability measures at its absolute core”. O’Brien said the bill has four major aspects: Scheme of…
When searching for your first new home, it can be quite intimidating at first. With these helpful tips it should make that process that bit easier How much house can you really afford? The bank might be willing to approve you for a large mortgage – but can you really afford it? Before house hunting,…
The pandemic marks an extraordinary shock to housing demand with the average cost of a home in Ireland now estimated to be €275,751. Unemployment is estimated to be up 20% every month since March 2020. With unemployment so high and demand so low you would think of a decline in prices. What has happened over…
The lead up to summer can be quite stressful if your garden isn’t looking up to good standard. Here is a patio cleaning guide to get your garden in the best condition possible. Using a pressure washer to clean your patio and paths will make them look much better and stop them becoming dangerously slippery…
There are new Rent Supplement rules for applicants who apply on or after 13 March 2020. These rules will be in place until 30 June 2021: You can qualify for Rent Supplement if you or your partner are working more than 30 hours per week and you have had a reduction in your income from…
The Cabinet agreed some time ago to extend the protections set out in the Residential Tenancies and Valuation Act 2020 for tenants who have fallen into rent arrears as a result of Covid-19, and are at risk of losing their tenancy. The Residential Tenancies Bill 2021 which came before the Dail this week outlines Covid-19…
The most recent Covid 19 measures to curb the spread of the virus Garda checkpoints will be set up outside airports and ports to stop non-essential travel, with increased fines for those leaving for non-essential purposes – including an increased fine over the €100 currently in place. It is understood that this could be increased…
How Covid-19 has led to the biggest shift in home-buying habits since the crash ‘We are going through a profound once-in-a-lifetime shift in the property market,” is how one estate agent described an extraordinary period during which Irish property prices have defied all predictions by holding firm or also increasing, sometimes substantially. The drift has…
Rent Reviews & Evictions Update 2021 Evictions: An eviction moratorium is in place from the 31st December 2020 and is due to expire on 10th February 2021 (31st January plus 10-day grace period). This legislation has been re-introduced as a result of the return of 5km restrictions on people’s movements. Please note any time there…
Tenants may be in for a big shock! Did you know that tenants moving out in January and February risk losing their security deposit and possibly even owing a lot more to their landlords? A moratorium on evictions is in place from the 31st December 2020 and is due to expire on 10th February 2021…
Why landlord insurance is a good idea. If you’re renting an apartment or house and you don’t have landlords insurance, you might want to reconsider. As a landlord, your biggest areas of concern should be: Protecting your asset against damage Liability cover (in case you are sued) Loss of rent We find a lot of…
Since March 2020 we have been operating our business under the regulators guidelines and continue to do that under Level 5 restrictions. Our staff will work remotely where possible and all precautions are taken to keep everyone involved safe. Below is a basic overview of our level 5 guidelines: Office Our offices will be closed…
Since March 2020 we have been operating our business under the regulators guidelines and continue to do that under Level 5 restrictions. Our staff will work remotely where possible and all precautions are taken to keep everyone involved safe. Below is a basic overview of our level 5 guidelines: Office Our offices will be closed…
Why to invest in Bitcoin Bitcoin is hitting all-time high prices – so are there still good reasons to buy Bitcoin in 2021? If you look back through bitcoins history you will see in 2017 that the crypto currency had hit an all-time high of $20,000. This however didn’t last quite long as in 2018…
Daft.ie released their House Price Report for Q4 2020 was a strange year for the housing market. Throughout the second quarter of the year the prices of houses had fallen but come the third quarter of the year they rose back up again and rose a further 2.2% in the final quarter of the year…
Top 10 New Years Resolution ideas Budget your money This January make a vow to start saving more money. First and foremost, saving money is important because it helps protect you in the event of a financial emergency. By also saving money it can help you pay for large purchases, avoid debt, reduce your…
Notices of Termination can again be served from the 2nd of August 2020, and the usual protections under the Residential Tenancies Act again apply. Where a Notice of Termination was served before the emergency period and the notice period had not yet expired by 27th March 2020, the notice period was paused. The notice period…
Dealing with Rent Arrears under New Legislation. There are eight steps detailed below which all tenants and landlords must follow if they find themselves in rent arrears. Failure to complete each step as set out below will lead to a Notice of Termination being deemed invalid. Step 1: A landlord must issue a 28 day…
The Residential Tenancies and Valuation Act 2020 was signed into law by the president on August 2nd. This new act specifically sets out protections for tenants that have fallen into rent arrears and as a result are at a risk of losing their tenancy. It also sets out to protect those whose employment was impacted…
COVID-19: Update on Emergency Measures to Protect Residential Tenants. Since 27th March 2020, emergency measures have been in place to protect tenants during the coronavirus emergency period. These measures have been extended to 1 August 2020. During the emergency period: 1 – A tenant cannot be served with a notice of termination. 2 – If…
Lots of new regulations and changes to the Residential Tenancies Act have been signed into law and are effective from Tuesday, June 4th 2019. Here is a quick summary of the changes that are now effective: New Notice of termination obligations & procedures If the landlord requires the property for themselves or their family member. They…
In case you are not aware, changes to the Residential Tenancies act are on the way and these are due to be signed into law over the coming weeks. It’s important to be familiar with them as they will impact every tenancy. Here is a quick summary of what changes are on the horizon. We…
The budget had some good news for landlords: The tax deduction available in respect of interest on loans used to purchase or repair residential property will increase to 100% from January 2019. Local Property Tax – A review of LPT is ongoing and “any future changes will be moderate and affordable.” Although there were only two…
Kitchens really are the heart of the home. It’s where we cook, eat, entertain and chat, so it’s important to create a design scheme that ticks all these boxes – and more. We’ve gathered all best cooking hubs on Instagram – from country casual to sleek and modern. Which one inspires you most? A…
The Minister introduced a number of changes affecting both landlords and tenants as part of a rental strategy and these measures came into law on 24th December 2016. The Rent Predictability Measure is intended to moderate the rise in rents where rents are highest and rising. The entire of Co. Dublin is included in this…
There are two situations where tenancies are being endangered with the introduction of the rent cap and neither of them are being discussed. Although I will explain in more detail, the two “loopholes” are: 1) Substantial refurbishment 2) The 4 year cycle Here are two case samples showing how the rent caps may actually encourage…
The Help to Buy scheme is the only measure taken in Budget 2017 to stimulate the supply of new homes in Dublin. It is designed to help first time buyers but essentially it is a grant to developers that will probably increase asking prices. The government are taking a gamble that higher prices will boost…
With the growing issues related to the lack of housing supply in Dublin, are the government forgetting about Tenants and young families again in Budget 2017? Are we making the same mistakes all over again with this election budget? There were a number of initiatives announced in the Budget this week that are aimed at…
Earnest will remain as collection agent for Non-resident Landlords. We will hold the monies until we have received confirmation that the Landlords tax return has been completed for that year. The tax held will be paid directly to the Landlord once confirmation is received.
A common question that comes up regarding responsibility for leaks is: a leak from the apartment above, who’s responsible for the repairs? The two insurances to note The Block Policy – As an apartment unit within a management company (OMC) controlled block, there will be a management company Block Insurance policy (the ‘Block policy’) in…
Introduced in Budget 2023, the €500 Rent Tax Credit will be available for four tax years (2022 to 2025). The credit will be €1,000 per year in the case of a jointly assessed couple, and €500 in all other cases. Claims for 2022 will begin in January 2023.
The Government’s First Home Affordable Purchase Shared Equity Scheme looks set to be enacted into legislation soon
On the 11th June 2022, Tenancies of Unlimited Duration were introduced into law. This change provides more security of tenure for tenants. It means that, after six months living in a tenancy, the tenant will have a right to remain in the property for an unlimited duration.
An increase in the Housing Assistance Payment discretion rate of up to 35% from next month. This means that local authorities can now pay up to 35% more than the current set HAP rates – which differs between local authorities.
The number of households in need of social housing is likely to double according to a report from the Parliamentary Budget Office (PBO)
Property prices rose by 15.3% on an annual basis in February. Prices in Dublin rose by 13.5% while prices in the rest of the country rose by almost 17%.
Changes to the Fair Deal rules that could free up to 8,000 homes for rental are under consideration as part of the Government’s response to house Ukrainian refugees.
House prices have risen by 2.4% in the Republic of Ireland since the year began. The average price of a home nationwide now just over €299,000 in the first quarter of the year – an 8.4% increase on the same period last year. The average price nationwide is only 19% below the peak seen in…
RTB Annual Tenancy Registration is coming into effect from the 4th of April 2022. Landlords must now register their tenancy every year, within one month of the anniversary of when that tenancy began. This change will apply to new and existing tenancies. There is a four-month transition period, when no late fees will be charged…
Prices for residential properties in Ireland rose by 14.8% in the 12 months leading up to January 2022. A home purchased in the past 12 months in Dublin increased by 13.3% and in the rest of the country by 16%. The median house price nationally increased by €280,000. Among the regions outside of Dublin with…
In spite of soaring house prices, house-building hasn’t returned to its pre-pandemic levels. This will cause concern among thousands of prospective buyers eager to purchase a home. The Central Statistics Office reported on Wednesday that building work remains lower than pre-pandemic levels, with construction in the last three months of 2021 down 6.3% compared to…
Divorced people will get a second chance to be home owners after a relationship breakdown under measures designed to recognise how “Ireland has changed”. New proposals will treat divorced and separated people, who no longer have a stake in the family home, as first-time buyers in certain cases. Divorced and separated people, after they move…
Two-thirds of people who are renting in Ireland are struggling to make their monthly payments. The renting crisis is often seen as a young people’s issue, those in the 45-54 age bracket, are finding it the most difficult to cope, with 71% of those within this having difficulties meeting payments. Older renters, who are aged…
Homes vacant for more than six months will face a tax of 3% of market value under a proposed law. The new Bill, published on 22/02/2022, has proposed a range of measures to tackle vacancy and dereliction including hitting owners of property left unoccupied for more than 180 days with the charge. Properties that would…
A landlord is required under law to maintain the exterior and interior of a property and to carry out any necessary repairs in a timely fashion ensuring the property meets certain basic minimum standards. Although there are no specific timeframes, below is a general timeframe given for each issue. Timeframes for Repairs and Maintenance: Emergency:…
The number of homes available to rent have fallen close to a historic low, while rents have increased sharply, according to figures from property website Daft.ie. There were fewer than 1,400 properties to rent nationally on Daft at the beginning of February 2022. In Dublin, there were just 712 properties available, the lowest level since…
The government published the Q4 2021 quarterly update on progress of the implementation of Housing for All. The report shows significant progress towards the government’s goal of increasing housing supply by 33,000 units per year, and reforming the housing system to ensure sustainability. Recent data gives confidence that the targets for delivery of homes for…
What can those looking to buy in 2022 anticipate, as they seek approval for a mortgage? Proof of Income: The bank will need proof of income in order to approve your mortgage request if you are self-employed, on a part-time basis, or employed on a contract basis. Although there can be exceptions to this rule,…
Rising rents and house prices has triggered a “collapse” in home ownership rates among adults of prime working age (25-54) in the Republic.House prices are now six to seven times average salaries, making housing “severely unaffordable” for many workers. Since the 2008 financial crisis, earnings have declined and become stagnant for several years and have…
How do you set yourself ahead of everyone else when you are sending an application for your dream home? Creating rental email enquiries can take a bit of time to get ready. You want to make yourself stand out so a good first impression is essential. Tenants are not always aware of how to impress…
Property prices are expected to rise by about 5% this year as supply shortages, demand is high and pandemic savings continue to drive activity. A survey carried out showed 90% of 189 estate agents surveyed in December expect property prices to increase this year, ranging from a 5% increase in Dublin, Leinster and Munster. A…
Earnest estate agents Please note that our offices will closed from the 24th of December and will reopen on Tuesday the 4th of January 2022. For any of our tenants please note you can contact our emergency service on 018728808. Please note that this number will be used for emergencies only and as such emergencies…
According to the latest figures, a number of landlords selling their properties and leaving the market has risen yet again. A total of 550 landlords left the market this autumn alone, an average of 46 a week. So far this year, 2,080 landlords have left the market. In 2020, 1,902 landlords left the market. The…
The Residential Tenancies (Amendment) (No. 2) Act 2021 commenced on the 11th December 2021. The new laws brought in are: Rent increases in Rent Pressure Zones are restricted from exceeding general inflation and will be subject to a cap of 2% per year. If inflation is below 2% you will have to go by the…
Research Learn how to start investing in a rental property by learning what goes into owning rental real estate. Learn how to research markets, analyse investment properties, and how to manage tenants and properties. Determine your investment criteria Once you understand what becoming a landlord entails and how to invest in rental property, you’ll want…
One third of homeowners are claiming that their homes have a low valuation when it comes to paying property tax. 1.57 million Property tax returns have been completed so far. There are still roughly 400,000 properties yet to be filed with Revenue. According to the reports a third of the registered properties have been valued…
Dublin is the fifth busiest real estate market in Europe with more than €3 billion invested between the end of last year and the third quarter of 2021. This puts Dublin on a par with Paris and ahead of cities such as Oslo, Milan and Manchester. London came top with €16 billion of capital inflows,…
The new Residential Tenancies (Amendment) (No. 2) Bill 2021 will cap rent increases at 2% per year in Rent Pressure Zones (RPZs). The new cap will only operate when general inflation is higher than 2%. The Bill will also provide for tenancies of unlimited duration. This was a key point under the government’s recently published…
The number of homes to rent across Ireland has dropped to an “all-time low” according to Daft.ie. In its latest quarterly rental report, there were just 1,460 homes available to rent on 1 November. This is the lowest amount of properties available to rent since Daft began tracking availability in January 2006. In Dublin there…
THE cost-of-living has strengthened with general prices rising at a rate not seen for more than a decade and property values growing at double-digit rates. Property prices rose 11% in the year to August, the fastest rate of increase in three years with general prices rising at a rate of 3.7%, pushed up by energy,…
Vacant buildings around the country are being left to slowly decay during a time when the need for housing is at an unprecedented level. The prospect of a tax on vacant homes, in a bid to motivate owners to either sell them or restore them to an inhabitable state was not brought in during the…
The Central Bank is to make a decision in November on whether the banks can participate in the Government’s proposed shared-equity housing scheme. They are considering “the interaction” between its mortgage rules and the Government’s proposed scheme. Housing Minister Darragh O’Brien was forced to clear up his remarks after opposition parties accused him of “misleading”…
Housebuilder Glenveagh says it has sold, signed, or reserved all the 1,150 homes that it expects to deliver in 2021. And it has already seen buyers reserve 300 homes that will not come on stream until next year. Glenveagh chief executive Stephen Garvey said the company was focused on “ramping up to 3,000 units” a…
The majority of people expect property prices to continue to rise over the next three years. The strong rise in prices is being powered by the fact there is so little supply on the market. While house price inflation is also likely to climb to 12 per cent this year. With the supply so low…
Property prices rose at an annual rate of 6.9 per cent in June, up from 5.4 per cent the previous month. This was the fastest level of growth seen in 2½ years. This goes to show the State’s property market still continues to be stoked by pandemic-related factors, such as increased savings and low supply….
The Residential Tenancies (No. 2) Bill 2021 was signed into law by the President Michael D Higgins last Friday. This means that from the 16th of July you can no longer apply a 4% rent increase and must instead link any rent increases on properties in Rent Pressure Zones (RPZs) to inflation. The Bill ensures…
At least a third (36%) of Irish homeowners will see their local property tax go up from next year, and every home in the country liable for the tax will be revalued. In addition, 100,000 more homeowners face paying the tax liability from next year after the Government decided to end exemptions on homes built…
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Rent Reviews & Evictions Update 2021 Evictions: An eviction moratorium is in place from the 31st December 2020 and is due to expire on 10th February 2021 (31st January plus 10-day grace period). This legislation has been re-introduced as a result of the return of 5km restrictions on people’s movements. Please note any time there…
Daft.ie released their House Price Report for Q4 2020 was a strange year for the housing market. Throughout the second quarter of the year the prices of houses had fallen but come the third quarter of the year they rose back up again and rose a further 2.2% in the final quarter of the year…
The budget had some good news for landlords: The tax deduction available in respect of interest on loans used to purchase or repair residential property will increase to 100% from January 2019. Local Property Tax – A review of LPT is ongoing and “any future changes will be moderate and affordable.” Although there were only two…
Kitchens really are the heart of the home. It’s where we cook, eat, entertain and chat, so it’s important to create a design scheme that ticks all these boxes – and more. We’ve gathered all best cooking hubs on Instagram – from country casual to sleek and modern. Which one inspires you most? A…
The Minister introduced a number of changes affecting both landlords and tenants as part of a rental strategy and these measures came into law on 24th December 2016. The Rent Predictability Measure is intended to moderate the rise in rents where rents are highest and rising. The entire of Co. Dublin is included in this…
The Help to Buy scheme is the only measure taken in Budget 2017 to stimulate the supply of new homes in Dublin. It is designed to help first time buyers but essentially it is a grant to developers that will probably increase asking prices. The government are taking a gamble that higher prices will boost…
With the growing issues related to the lack of housing supply in Dublin, are the government forgetting about Tenants and young families again in Budget 2017? Are we making the same mistakes all over again with this election budget? There were a number of initiatives announced in the Budget this week that are aimed at…
