finnegan blog

Interest Relief to benefit 270,000 homeowners

Sat, 10 Mar 2012 16:56:00 GMT

At least 270,000 homeowners are set to see their mortgage interest payments fall.

Finance Minister Michael Noonan suggested that prices in the property market could be bottoming out as he unveiled incentives for first-time buyers.

First-time buyers who bought during the boom and those who buy homes this year will benefit.

Mortgage interest relief will be raised to 30% for first-time buyers who purchased between 2004 and 2008. This is expected to benefit 270,000 purchasers.

First-time buyers who make the leap this year will still be entitled to 25% in mortgage interest relief, with an extension of that measure.

Read the full story in the Irish Examiner ...

PTSB to Cut Rates for Home Loans for New Buyers

Sat, 10 Mar 2012 16:58:00 GMT

LEADING lender Permanent TSB is to cut its mortgage rate for new buyers by almost 1pc, -- the first time in almost four years that a bank has reduced its borrowing cost.

The move is expected to be followed by other lenders in what could be a crunch year for the mortgage market.

Experts have predicted that there could be a tentative revival of the market due to lower interest rates, a Budget-day boost for home buyers, and more lending by banks.

Read the full story in the Irish Independent ...

Retail Outlets Attract Buyers and Tenants

Mon, 19 Dec 2011 21:51:00 GMT

TWO unrelated properties in Capel St, Dublin 1 have been let out at rents averaging €177.30 per sqm by agents Vincent Finnegan.

Phorest, a software firm servicing hairdressers, is taking the 520sqm. at 100 Capel St at an annual rent of €80,000. The landlord, a marketing company called Design Factory, has moved to a smaller premises in Portobello, Dublin 8.

Read the full story from independent.ie

Urban Market Open For Christmas

Sat, 12 Nov 2011 11:36:00 GMT

Urban Market Spencer Dock To Launch For Christmas

The Christmas Market will open on 1st December and offers you stall space for just €600. Please see below a website link for our brochure - http://www.daft.ie/searchcommercial.daft?id=83615

The opening times will be:

Thurs 1st Dec 4pm-9pm
Fri 2nd Dec 12-9pm
Sat 3rd Dec 10-7
Sun 4 th Dec 12-7

Thurs 8th Dec 4pm-9pm
Fri 9th Dec 12-9pm
Sat 10th Dec 10-7
Sun 11th Dec 12-7

Thur 15th Dec 4-9
Fri 16th Dec 12-9
Sat 17th Dec 10-7
Sun 18th Dec 12-7

Mon 19th Dec 12-7
Tue 20th Dec 12-7
Wed 21st Dec 12-7
Thur 22nd Dec 10-9
Friday 23rd Dec 10-9
Saturday 24th Dec 9-3

We are actively looking for the following food concepts " Olives & Tapenades, Olive Oils, Herbs & Spices, Cheese Monger, Pate & Terrines, Italian / Spanish Cured Meat Butcher, Poultry Specialist, Tapas.

IF THIS IS YOU or you know of someone that may be interested in setting up in URBAN MARKET then please contact Robert Colleran on (087) 2906849.
Urban Market Information

Enter Our Facebook Competition
URBAN MARKET is giving away a €500 voucher for URBAN MARKET, plus an invitation for you and 3 guests to our Christmas launch on December 1st, where you can meet Santa, ice skate in our winter igloo and sample some of our Christmas treats. plus a night stay in Dublin City Center & Dinner for 4 in one of Dublin's Coolest Restaurants.

See our Urban Market Facebook page for all the details.

See our listing on daft.ie

Commercial News This Week

Wed, 31 Aug 2011 17:02:00 GMT

Vincent Finnegan Commercial have just been instructed by Treasury Holdings to rent their Spencer Dock retail portfolio.

For further details see Spencer Dock Urban Market

Is it a good time to trade up?

Fri, 22 Jul 2011 09:31:00 GMT

Donal Buckley from The Irish Independent weighs up the 'Pros' and 'Cons' of 'Renovating' or 'Trading-Up'.

Many home-owners who need more space are faced with a dilemma: Do I sell and buy or do I renovate and extend?

Cuts in stamp duty have reduced the cost of moving, but reduced labour costs have cut the cost of improving.

Here are two case studies that provide guidelines to choosing between these options and these are based on mortgage rates which are broadly in line with what is available in the market today.

Read the full story

On view & new listings on our Facebook page

Wed, 11 May 2011 11:20:00 GMT

Follow us on Facebook to receive up to date news on new property listings and weekly property viewings.

Click here to go to our Facebook page now.

Rents Stabilise

Tue, 13 Dec 2011 20:43:00 GMT

Nationwide rents fell by just over half a percent (0.6%) over the course of 2010, according to the latest report published by the property website, Daft.ie. The fall compares with a drop of 15% during 2009. The average rent nationwide now stands at €830, 27% below the 2007 peak.

Rents in Dublin are 2% Higher

The levelling off in rents nationally hides different regional trends. In Dublin, rents in some areas are up to 2% higher than a year previously. In Cork and Galway, rents were largely unchanged over the year. In Waterford and Limerick cities, rents fell by between 3% and 4% over the course of 2010. Outside the main cities, rents continued to decline, falling an average of 3.5% over the year. The total number of properties available to rent nationwide has fallen from a high of over 23,000 in mid-2009 to less than 16,000 at the start of February.

Commenting on the report, Ronan Lyons, Economist at Daft.ie, said: "For any property market, be it sales or rental, urban or rural, the key condition for a levelling off in prices is clearing the overhang on the market. In Dublin's rental market, and to a lesser extent in those of the other cities around the country, that happened over the course of 2010. Across large parts of the country, however, there remains a significant oversupply on the market, which is pushing down rents. All eyes will be on rents in Dublin during 2011, as stable rents could indicate a stabilisation in the labour market and broader economy."

Average rents in Dublin Q4 2010- €1,080.

New Appointments

Wed, 09 Feb 2011 14:55:00 GMT

We are delighted to announce the appointment of Peter Keaveney and Declan Ryan to the positions of Associate Directors at Vincent Finnegan Ltd.

Both Peter and Declan have been with us for many years and have demonstrated their commitment and professionalism in the Irish property market.

For more information please download the full press release:

Full press release

Stamp duty reduced to 1%. What does this mean for you and the market?

Wed, 15 Dec 2010 12:14:00 GMT

As predicted, Stamp duty reduced to 1%.

What does this mean for you and the market?

As predicted in early November by Vincent Finnegan, the government has taken this obvious opportunity to reduce stamp duty to 1% on properties purchased below one million euro and 2% for properties above one million euro (watch out for some fancy footwork with deals on the borderline of the one million euro mark).

The previous stamp duty rates system is entirely scrapped. The new rate system will only apply to transfers on or after the 8th of December 2010.

What will this mean for the market?, what will this mean for you?

Since early September, the market completely stalled due to several factors, one of which being the possibility of a reduction of stamp duty and prices falling further due to the IMF moving in. Agents noticed a large number of sales falling through and people moving into a 'holding pattern' regarding purchasing property. Well, the reduction in stamp duty is welcomed and the IMF is here, so what will this mean for you? If you are a vendor, this will simply mean an increase in activity that should lead to a successful sales campaign in the new year. If you are a potential purchaser that has been holding off it means that on a purchase of a property of say, €500,000 you will save a net figure of €21,250.00.

In general terms, any increase in activity will result in an increase in successful sales.

Vincent Finnegan Limited offer a free consultation to discuss any property queries you might have, call our offices or contact us by email for an appointment - We're looking forward to your call.

Axe falls on stamp duty rates

Wed, 15 Dec 2010 14:00:00 GMT

RELIEF for stamp duty and capital gains tax is set to be abolished or significantly reduced under Government plans to raise funds.

Click here to follow the story on the Irish Examiner

€300 property tax to be phased in from 2012

Wed, 15 Dec 2010 12:27:00 GMT

A PROPERTY tax will not be introduced in this year's Budget, the Irish Independent has learned. However, the tax will be phased in over two years from 2012, with the Government expecting to raise €500m between then and 2014

Follow the story

Billionaire investor says now is right time to give home loans

Wed, 15 Dec 2010 12:40:00 GMT

Private equity firm WL Ross is convinced that Ireland will rebound but warns of ‘moral hazard’ BILLIONAIRE INVESTOR Wilbur Ross believes some will think he and his fellow members in the consortium bidding for an Irish lender have lost their minds. However, an investment by WL Ross in Educational Building Society (EBS) is as “counter-intuitive” as the firm’s recent purchases of banks in Florida and Michigan, two of the states worst hit by the US subprime mortgage meltdown. That is our job,” says Ross of his investments in businesses that others would see as far too risky.

Follow the story

Homeowners could face paying €80-a-month property tax

Mon, 15 Nov 2010 20:06:00 GMT

HOMEOWNERS could face paying an €80-a-month property tax under a plan drawn up by the country's top economic think-tank. The charge would be based on the value of homes, and middle-income earners would end up providing most of the tax generated, the study by the Economic and Social Research Institute says.

Find out more

Economist who predicted housing crash says now is time to buy

Wed, 15 Dec 2010 15:18:00 GMT

Derek Brawn, whose book on the property market predicted the bursting of the bubble, said first-time buyers should buy now once they find a property at the right price.

Follow the link.

Vincent Finnegan predicts that stamp duty will be reduced to 1 Percent in December 2010 Budget

Wed, 15 Dec 2010 14:07:00 GMT

With few options available to our government for incentives - Now is the perfect time to re-visit, that old chestnut, stamp duty!
With genuine reasons for believing that, now more than ever, we have a chance to tempt thousands of heavily saving, rent paying, sitting on the fence purchasers back to property. If the stamp duty was reduced drastically, it could encourage an increase in levels of activity and the multiplier would benefit our economy. Consider that rents will increase while interest rates do too. What a great time to strike a deal just before any stamp duty rate reduction is announced? Will potential purchasers look back at these days and wish they had purchased? I guess we'll have to wait and see.

We need a healthy property market to help bring us out of this recession. Let's hope in early December our government will incentivise as well as cut and tax. Here's to the carrot rather than the stick and 1% stamp duty in December..

To rent or not to rent?

Mon, 01 Nov 2010 14:59:00 GMT

DOES THIS sound familiar? You have a growing family and need more space. But while property prices may have crashed, your own property is dwindling in negative equity, you don’t have sufficient savings to pay the mortgage and, with the uncertain economic environment, you’re hesitant in any case to commit to another mortgage. What can you do?

Follow the link below!

http://www.irishtimes.com/newspaper/pricewatch/2010/1101/1224282393409.html

First Time Buyers Time To Shine!

Fri, 29 Oct 2010 09:49:00 GMT

'While there's blood on the streets, buy property' - Interest rates are still low. The rental market is beginning to edge back up. The the Budget is looming and a lot of the competition are staying put.

This is your chance to strike a deal with a willing seller!

So what can you do to take advantage?.

1. See how much can you borrow and how much can you afford to repay?

First, see how much you can borrow and what your repayments will be. The easiest way to do this is to use the mortgage calculator on www.finnegan.ie <http://www.finnegan.ie> . This is determined by your salary, deposit and monthly loan repayments. At present, banks will lend first time buyers up to 92% of the purchase price. This is usually phrased as Loan to Value (LTV). This is usually shown as a percentage and represents the relationship between the size of the mortgage loan and the value of the property. Eg. A mortgage of €90,000 on a property valued at €100,000 would be shown as 90% Loan to Value.

2. Types of Mortgages available

A Mortgage loan is generally spread over between 20 to 35 years. Lenders will generally offer first time buyers a standard repayment mortgage, where you pay interest on the mortgage and repay captial over a certain term eg. 25 years. Some lenders offer interest only options for a certain limited time, where you do not pay back capital but merely the interest charge. This is really a false economy as it reduces your monthly repayments but lengthens the time it will take to repay the loan. Once you have mortgage approval, at which point you will receive a formal Letter of Loan Offer from your lender. This will tell you the maximum amount you can afford to borrow.
Now is the time to start looking for your property. Don’t forget to appy for your First Time Buyer Mortgage Interest Relief on www.revenue.ie

3. Putting in an Offer

Once you have found a property you would like, contact the Auctioneer/Estate Agent and find out if there are any other offers on the property and decide with the agent what you think would be an acceptable offer to put in. Once the agent has relayed this to the Vendor and they have accepted the offer, you will be asked to drop a booking deposit into the Estate Agents. This must be a cheque or bank draft and cannot be borrowed from the bank. It is usually anything between €5,000- €15,000, depending on the purchase price of the property. Now the property is Sale Agreed. If its a private treaty sale, it will be ‘subject to contract’. It is merely a holding deposit and is fully refundable. At this stage both you and the vendor can pull out at any time.

4. Legal fees & Management fees

It is at this stage you must appoint a solicitor, which should cost between €1,200 and €2,000. They will handle the contracts for the sale and arrange for the deeds for the property to be transferred from the vendors solicitor to yours or two your bank. If you are buying an apartment, it would be a good idea to ask the Estate Agent what are the annual management fees involved with the block, as these can sometimes be as much as €2,500 which is a significant sum to take into consideration.

5. Mortgage Valuation and Building Survey

Your lender will insist that you get a valuer and in most cases a surveyor out to the property before they allow the loan to be drawn down. A mortgage valuation usually costs €130 and a building survey should cost between €300 and €400. This should be done as soon as possible to keep the process moving smoothly.

6. Contracts

Once all these necessities have been carried out the contracts will be drawn up by the Vendors solicitor and sent to your solicitor. You will be asked to come in and sign them. It is at this stage you will need to pay the deposit. You will need to have a miminum of 8% of the value of the property saved for your deposit. Again, this cannot be borrowed from the bank. Luckily, as a first time buyer, stamp duty does not apply to you at all. Once the contracts are signed by both sides the property is sold. you have entered in to a legally binding agreement and neither party can pull out.

7. Building Insurance and Life Assurance

Before a mortgage cheque is issued you will need to arrange building insurance. You can get building and contents insurance on the one policy. If you are puchasing an apartment, ensure that you check whether building insurance is part of your annual maintanence fees. It is also necessary to take out life assurance for the amount and term of your mortgage. In the event that you should die before the loan is repaid, the outstanding debt is automatically paid off.

8. Drawing down of the loan/Closing of the Sale

It is at this time that the full amount of the loan must be transferred to the vendors solicitors. You will usually receive one set of keys at your solicitors office and there will be another set available for collection from the Auctioneer that sold you the property.

After 20 years or so, you will own your property fully, so no rent to continue paying...

Vincent Finnegan Limited have a range ‘first time buyer’ suitable properties for sale.
See our residential listings

Vincent Finnegan refurbishes residential office

Wed, 27 Oct 2010 13:51:00 GMT

Vincent Finnegan have just finished an complete upgrade and refurbishment of their Residential office in Dundrum

Looking for the right rental property

Wed, 27 Oct 2010 14:02:00 GMT

AT LEAST a third of rented properties in Irish cities are failing to pass basic safety and quality inspections carried out by local authorities for the Department of the Environment.

There are up to 19,000 residential properties available to rent in Ireland, according to Daft.ie’s property report and rents have fallen by almost 25% since their peak in early 2008.

In Dublin city, 42% of rented accommodation failed its quality inspection. A total of 2,576 houses were inspected and 1,061 failed to meet regulations.

In Cork city, over a third of houses inspected failed to pass the test – 671 privately rented houses were visited.

A city council spokesman said a lack of ventilation was the main defect.

In Limerick city, a third of houses failed to meet Department of Environment regulations. The bulk of these failings, such as lack of fire blankets and emergency evacuation plan, were rectified by landlords on foot of an improvement notice but 8% of the failings were deemed serious and requiring a lot of structural work.

537 houses were inspected last year in Limerick city. Inspections followed complaints from the public and random inspection of those on the local authority data- base. A total of 12 properties were removed from the rent supplement scheme last year due to bad quality housing.

In the area of Dun Laoghaire Rathdown County Council, 38% of rented accommodation failed to meet the standards last year.

Up to 925 houses were inspected and 352 failed the test. Of those who failed, 22% of them rectified the problems without improvement notices while 149 had notices served and then complied. A further 20% of landlords whose properties were substandard are still being followed up.

According to a spokesman for Dun Laoghaire Rathdown County Council, lack of smoke alarms, fire blankets and inadequate ventilation were easily resolved but structural faults and dampness were more serious.

According to the Department of the Environment, when a landlord’s house fails inspection, a repairs letter is issued with a timeframe for compliance. If the dwelling still fails to comply after the expiration of the timeframe given, the council can initiate legal proceedings.

In the Fingal area, privately-rented properties are of a high standard, as the vast majority are new build properties. The council inspected 380 properties and over 95% passed inspection.

"Of the properties that failed the inspection, the vast majority failed due to non-provision of rent books. A small minority failed due to non-provision of appropriate fire equipment as set down under new regulations," a spokesman said.

The director of housing organisation Threshold, Bob Jordan, said standards introduced in 2008 are making a difference: "It does appear standards have improved hugely. We must also remember a quarter of the private rental stock was built since 2000. That all helps."
This story appeared in the printed version of the Irish Examiner Monday, March 01, 2010

First Time Buyers Bidding

Wed, 27 Oct 2010 14:11:00 GMT

We have noted a large return of first-time buyers back into the property market. With a resounding Yes to Lisbon and subsequent liquidity for our two main banks through an increase in bonds, some first time buyers are calling the market at the bottom.

As well as activity increasing by fourfold, we have noticed the number of offers are increasing. Just over a quarter of all our listed properties are now under offer.

With the perception that Nama will work in the long-term, the budget tackling public spending in December and the global economy coming back sooner than expected – activity is up.

This could be the last quarter that you can really capitalise and benefit from a property market that has been on its knees for over 2 years now. There is a tangible feeling of optimism at viewings that has been all too absent in recent years.

Good News for potential office occupiers...

Wed, 27 Oct 2010 14:11:00 GMT

WITH OFFICE rents still falling because of weak demand and high vacancy rates, Dublin has moved from the 14th most expensive office location in the world to 17th, according to a new survey released by Lisney and its international partner Cushman Wakefield.

Total occupancy costs (rent plus taxes and service charges) for prime space in Dublin at the end of 2009 were €511 per sq m (€47.50 per sq ft) compared to €620 per sq m (€57.60 per sq ft) a year earlier.

Dublin estate agency, says take-up in 2009 was well down on previous years, vacancy levels reached a record high of 22.6 per cent and, according to the Lisney rental indices, prime rents fell by 36.5 per cent.

For occupiers this had been very good news with exceptional deals on offer. “We anticipate that 2010 will present further opportunities for occupiers seeking space. However, vacancy levels, particularly in good quality city centre offices, should start to fall,” says Nugent.

The survey showed that occupancy costs in all leading global cities fell during 2009, the first such worldwide decline since 2003. Dublin experienced the second biggest fall in Europe at -38 per cent, only trailing Kiev in Ukraine which fell by 50 per cent in 2009. The survey noted that even previously resilient office markets were affected, including London’s West End, which slipped by 25 per cent and Warsaw’s central business district which recorded a decline of 24 per cent.

In the rankings of the world’s most expensive office locations, the top three cities remained constant with Tokyo moving into first place from second with occupancy costs totalling €1,441 per sq m (€134 per sq ft); London’s West End moved from third to second place with costs of €1,220 per sq m (€113 per sq ft); while Hong Kong fell from first to third position with costs of some €1,207 per sq m (€112 per sq ft).

finnegan blog

Interest Relief to benefit 270,000 homeowners

PTSB to Cut Rates for Home Loans for New Buyers

Retail Outlets Attract Buyers and Tenants

Urban Market Open For Christmas

Commercial News This Week

Is it a good time to trade up?

On view & new listings on our Facebook page

Follow us on Facebook to receive up to date news on new property listings and weekly property viewings.

Rents Stabilise

Nationwide rents fell by just over half a percent (0.6%) over the course of 2010, according to the latest report published by the property website, Daft.ie. The fall compares with a drop of 15% during 2009. The average rent nationwide now stands at €830, 27% below the 2007 peak.

Rents in Dublin are 2% Higher

New Appointments

Stamp duty reduced to 1%. What does this mean for you and the market?

As predicted, Stamp duty reduced to 1%. What does this mean for you and the market?

What will this mean for the market?, what will this mean for you?

Axe falls on stamp duty rates

€300 property tax to be phased in from 2012

Billionaire investor says now is right time to give home loans

Homeowners could face paying €80-a-month property tax

Economist who predicted housing crash says now is time to buy

Vincent Finnegan predicts that stamp duty will be reduced to 1 Percent in December 2010 Budget

To rent or not to rent?

First Time Buyers Time To Shine!

'While there's blood on the streets, buy property' - Interest rates are still low. The rental market is beginning to edge back up. The the Budget is looming and a lot of the competition are staying put. This is your chance to strike a deal with a willing seller!

So what can you do to take advantage?.

1. See how much can you borrow and how much can you afford to repay?

2. Types of Mortgages available

3. Putting in an Offer

4. Legal fees & Management fees

5. Mortgage Valuation and Building Survey

6. Contracts

7. Building Insurance and Life Assurance

8. Drawing down of the loan/Closing of the Sale

Vincent Finnegan refurbishes residential office

Looking for the right rental property

First Time Buyers Bidding

We have noted a large return of first-time buyers back into the property market. With a resounding Yes to Lisbon and subsequent liquidity for our two main banks through an increase in bonds, some first time buyers are calling the market at the bottom.

Good News for potential office occupiers...

As predicted, Stamp duty reduced to 1%.

What does this mean for you and the market?

'While there's blood on the streets, buy property' - Interest rates are still low. The rental market is beginning to edge back up. The the Budget is looming and a lot of the competition are staying put.

This is your chance to strike a deal with a willing seller!