Sligo Property – DNG Flanagan Ford – Spring Sale 2009!!

DNG Flanagan Ford launch a major sales campaign with a Spring Sale offering superb substantial reductions on a large number of houses in order to bring more sales to the Sligo City & surrounding countryside housing market. Economists in most sectors of the market have been predicting further drops in housing prices over the next 12 months & DNG Flanagan Ford have taken that on board & after a large number of meetings with discussions with our numerous clients, we have re-appraised the properties on our books & advised on repositioning them in the market with revised valuations.

“We are simply responding to the feedback we are getting in the market-place” said Shane Flanagan of DNG Flanagan Ford. “All the major websites together with the printed media, TV & radio have been reporting on the fall in property prices together with predicting further falls. What we are trying to do is reposition our current properties to reflect current market conditions showing substantial reductions from prices at the peak of the market & in some cases in excess of 30% has been taken off these prices. We feel that this is sure to drum up large demand from property buyers, especially first time buyers looking to get a foot on the ladder.”

“First time buyers have never had it quite so good, as mortgage rates have almost halved & mortgage interest relief for first time buyers has almost doubled. This, together with the dramatic price reductions, we feel has given the first time buyer market a tremendous lift. As a result of the price drops we have already sold a number of properties in the past number of weeks” continued Shane Flanagan. First time buyers now have a range of properties under €200,000 & this is something that we could not say in Sligo for quite some time.

DNG Flanagan Ford are forecasting a levelling off in the property market in the 3rd quarter of 2009. This will be caused by the dramatic reduction in the number of houses which are being built which will eventually lead to a drying up of the housing stock, where demand will again meet the supply after the price reductions are being factored in.

“We believe that the credit-crunch could possibly have a positive impact on the property market, with the effect of causing prices to correct themselves even quicker than would normally happen after a property bubble bursts. The price correction that is happening in the property market is unprecedented in its severity & speed. Prices have dropped by, in some cases, up to 30% which has now brought real value back into the market-place” continued Mr Flanagan. DNG Flanagan Ford feel that they are not trying to force the sales, but are simply responding to the market conditions which prevail at the moment. This will surely be good news for anyone considering purchasing in the current climate.

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Sligo Property – Energy Grant: How to Apply

The government announced this week a major €100million national insulation programme for economic recovery. The aims of this programme are to cut heating bills for homeowners, reduce carbon emmissions & create job opportunities for construction workers in 2009.

• What are the grants for?

They will be provided for investing in enery efficiency improvements such as upgrading insulation, installation of more efficient boilers & carrying out Building Energy Rating assessment.

• How much are the grants?

There are fixed amounts for each type of work carried out & these amounts range from €200 for a BER assessment to €4,000 for external wall insulation. Approval for the grant must be received before buying material or starting work & the grant will only be paid after the work is completed & the contractor is paid.

• Who can apply?

The scheme is open to everyone. Landlords with multiple properties & people with holiday homes, along with home owners. If you own multiple properties you must apply separately for each property.

• How to apply

You can register your interest in the scheme & be contacted when applications for the scheme are openened by emailing hes@sei.ie or phoning 1850 927000.

• Applying for more than one grant

It is possible to apply for more than one grant. There is a minimum requirement that the grant amount in the first application must be at least €500 & the BER grant cannot form part of this €500.

• How do I know if I can apply?

Generally speaking, if your home was built in the last five years you may not need to apply. If your home was built many years ago & you have not done much to increase its energy efficiency this scheme may be ideal for you. Apply the following questions to your home:

1. Does the house lose heat quickly once the heating is turned off?
2. Is the ceiling level insulation in your attic made from fibreglass, sheeps’ wool or rock wool & is this less than 300mm thick?
3. Has the cavity wall insulation been upgraded more than 5 years ago?
4. Is it possible to heat your domestic water without switching on radiators or an electric emmersion switch?
5. Do you have temperature & time controls on your boiler & hot water cylinder?
6. Was the boiler installed over 10 years ago?

• Will the value of my home be enhanced?

The more energy efficient your home is the higher its BER rating & the more attractive it is to both buyers & tenants. Since January 1st 2009 all houses being sold or rented must have a BER rating.

• How much should I have to spend?

To upgrade the 100mm attic insulation in a 150sqm 4 bed detached home to 300mm would typically cost €700 to €1,000. In this scenario you can get a grant for €250 & you could save €250 per year on a heating bill of €1,600.

To intall cavity wall insulation in the same house would cost in the region of €700 to €1,000. The grant would cover €400 & you would save €180 per annum on the heating bill. To install internal insulation would cost €7,000 to €10,000 & the available grant for this work is €2,500.

• What effect would I see on energy bills?

Typically you can save €700 per annum on your heating bill. Up to 30% of the heat produced in your home can escape through an uninsulated roof, a further 20% of heat is lost through the walls.

Your energy usage can be reduced by up to 20% by replacing an old boiler with a high efficiency boiler & a further 20% reduction can be achieved by installing easy to use heating controls.

For more information on the Home Energy Saving Scheme you can visit www.sei.ie

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Sligo Property – Budget 2009

Douglas Newman Good Press Release

Reaction to Budget 2009

October 14th 2008

Douglas Newman Good Residential Group welcome introduction of Government Equity Initiative and increase in HFA loans for residential property.

• 14/10/08 Leading nationwide estate agents Douglas Newman Good today welcomed the introduction of a new Government equity initiative and the increase of the maximum loan available though the Local Authority Mortgage Scheme. The system aims to assist first time buyers purchasing residential properties and whilst the details are yet to be announced they believe this to be a significant measure which will lead to an increase in transaction levels going forward. In addition, today’s budget granted first time buyers increased mortgage interest relief in the early years of their mortgage which is also a welcome measure.

• Commercial stamp duty at top tier has been reduced from 9% to 6% which is long overdue and should lead to an increase in activity in the commercial sector and should help stem the flow of investment money leaving the Irish commercial market.

• The new €200 levy on non principle private residences was also given a guarded welcome by the agency on the basis that that it will provide much needed funds to local authorities. Commenting on the announcements, Paul Murgatroyd, economist with Douglas Newman Good said “At a time when mortgage finance has been increasingly difficult to obtain by first time buyers because of the global credit crunch these measures are most welcome. First time buyers are the lifeblood of the property market and this scheme should improve access to credit for those people currently finding it the most difficult to obtain finance from the normal lending sources, through absolutely no fault of their own.” He further added “with lower property prices and falling interest rates, affordability in the market is continually improving but first time buyers are being denied access to the market which is having a serious knock on effect further up the ladder. Over time these measures should lead to increased sales levels and will go someway to underpinning prices going forward. We still believe the market will find its own level over time and there will be not inflationary impact on property prices, but the current credit crisis has the potential for property prices to undershoot their true value because of an unduly large restraint on access to mortgage finance and hence a suppressed level of transactions in the market”

Keith Lowe CEO of Douglas Newman Good further added “The new Government Equity Initiative has recently been commenced in the United Kingdom and initial reaction has been very positive with a strong interest and take up from first time buyers. Assuming that the scheme is structured in a similar manner to that, we believe that the system will be prove extremely popular and be a major instrument in the provision of affordable housing to the private sector especially when credit is so difficult to obtain. I also believe that the increase in the threshold for the existing local authority mortgage scheme to be much welcomed on the basis that the existing system is outdated and more or less ineffective due to its low threshold. We believe that both of these schemes will facilitate purchasers to buy in the residential market that at the present time are not in a position to do so. The quicker that both of these measures are implemented the better this will be for the market as a whole.”

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