All the latest property news from Vincent Finnegan Ltd. estate agents.


Interest Relief to benefit 270,000 homeowners

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 ...


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PTSB to Cut Rates for Home Loans for New Buyers

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 ...



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Retail Outlets Attract Buyers and Tenants

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



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Urban Market Open For Christmas

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


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Commercial News This Week



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

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Is it a good time to trade up?



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



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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.

Click here to go to our Facebook page now.


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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

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.
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New Appointments




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



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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?


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.


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