The new rate of 1% now applies to all transactions whether you are a first time buyer or not or if you are purchasing a new or second hand home.

For properties valued up to €1,000,000, the new flat rate of 1% of the purchase price applies.  For properties valued over €1,000,000 the rate of 1% applies to the first €1,000,000 and a rate of 2% applies to the balance.

For Example:  A non-first time buyer who was purchasing a second hand property for €1.5million would have paid €106,250 in stamp duty, now with the new reduced rate they would only have to pay €15,000 in stamp duty.

Commercial rates remain unchanged.

* Excellent customer service

* Experienced letting team

* On call 7 days a week

* 24hr professional maintenance team

* Existing database of quality tenants

* Extensive website coverage

* Prominent window advertising at our city centre office

* Competitive rates

What really sets DNG Flanagan Ford apart from the competition is the aftercare service provided for both landlords & tenants.  Tess is always on hand to resolve any issues which may arise from heating & plumbing problems to normal household issues.

Speaking to the Sligo Champion, Tess commented on the current rental market in Sligo.  “The rental market, similar to the sales market, has taken a hammering over the past couple of years.  Landlords have seen their rental income reduce & in many instances have seen their rental property lie vacant for months on end.  In saying this, good houses & apartments are always in demand.  When I talk about good properties I mean well presented, clean properties with up to date heating systems, double glazed windows etc.  These are all things we take for granted when purchasing a home, but they are very high on the list of requirements for prospective tenants also.  I am inundated daily with requests from prospective tenants for all types of properties from 1 bed city centre apartments to 4 bed detached houses within easy commuting distance of Sligo.  At the moment, tenants are really shopping around when their leases are coming near the end for a better quality house at an atrractive price.  It comes back to the age old scenario that if you have a good product it will rent & will achieve a good rental price.  The areas that are proving most popular at present are Strandhill Road & Strandhill village itself.  I am keen to talk to anyone with an investment property in these areas, & indeed all areas of Sligo city & suburbs to discuss the service I provide & my competitive rates.”

Some tips for the successful letting of your investment property:

* Choose DNG Flanagan Ford!

* Present your property in a clean, attractive state

* Put yourself in the shoes of the tenant & make sure your property is somewhere you would like to live

* Have a realistic rental figure in mind – too often properties are pitched with a rental price which is excessive & tenants just won’t be interested

* Remember - First Impressions Last

* Remember – Every month your house is vacant you’re losing money

Tess Monaghan is available to talk to landlords at any time & can be reached at 071 9159222, 086 3999062, tess@dngflanaganford.ie, or indeed call to our office at Shell House, Wine Sreet, Sligo

Keith Lowe, CEO of DNG, used an excerpt from an article which recently appeared in the Wall Street Journal as the opening message for the latest edition of DNG Express.  The article was entitled “10 Reasons to Buy a home” & was in response to specific negative media sentiment in Time Magazine. The property market in many parts of the USA has been hit severely & in some cases harder than Ireland.  The 10 reasons given in the Wall Street Journal article apply to this country also & the following is Keiths take on the reasons why:

You can get a good deal – Property prices have virtually halved in Ireland.  Similar to America there may still be a little further to go but you’ll never catch at the bottom & according to the WSJ “it doesn’t really matter so much in the long haul”, a comment I would echo.

Mortgages are cheap – At the date of this article a first time buyer can obtain a mortgage through Irish Nationwide Building Society at 3.7% fixed for three years or at a variable rate of 2.9% through the Home Choice Loan.  It was not that long ago when mortgage rates were twice the current price.

You’ll save taxes – Similar to the USA, first time buyers buying their home can qualify for attractive mortgage interest relief on their mortgage repayments and there is no capital gains tax when they sell in the future.

It’ll be yours – You can have the kitchen & bathrooms you want – You can move the walls or tear up the garden!  You cannot do this if you are renting!

You’ll get a better home – Buyers are in a very strong negotiating position & with much lower prices, purchasers can buy a home that they would not have been able to afford in the past & in their chosen location.

It offers some protection against inflation – Over the long term property prices have always beaten inflation especially if you are young & looking at staying in your home for 20 or 30 years.

It’s risk capital – Your home is not stocks & shares but the economy will surprise you & start growing at some time in the future.  Sooner or later property prices will rise again too & I bet it will be quicker than you think!

It’s forced savings – By paying a mortgage, which in many cases is higher than your rental cost, you are essentially saving for your future.  The part of your mortgage payment that goes against principal is not a cost as you are building equity in your home.

There is a lot to choose from – It differs depending on the locality in Ireland, but there is quite a lot of good property to choose from at the moment.  This will change when the market improves, but at the moment this means great choice at great prices!

Call to DNG Flanagan Fords office at Shell House, Wine Street to pick up your copy of DNG Express today.  All of our properties are also listed on our website at www.dngflanaganford.ie

“The Sligo market has suffered the same percentage falls as experienced in most other provisional towns around the Country.  From our research the average price fall in the market place is between 35% & 40%.  However there are cases which this is both lower & greater.  2010 has seen a great improvement in the volume of sales which we have managed to achieve over our 2009 figures. 

In 2009 a large percentage of booking deposits paid were ultimately refunded as the property market continued to fall at quite a fast pace.  With buyers seeing the market fall at slower pace we are experiencing far greater percentage of sale completions over the first 9 months of this year. Vendors have helped us in this regard. Most people we talk to at the moment who are considering selling are prepared to put the property up for sale at realistic values. They are no longer looking for 2006 prices and this has lead to a strong increase in the number of viewings we are getting. We anticipate the market will start to level very shortly with a sense of normality returning. And not a day too soon!!!”  said Shane Flanagan.

This trend seems to be the same as experienced by many other agents in the area who all collectively seem to be reporting an increase in the level of viewings, especially for properties which have recently been placed on the market. 

According to Shane Flanagan of DNG Flanagan Ford some properties that they have placed on the market recently have sold in the first  2  weeks  after being placed on the market

“We recently placed a property on the market in Heatherview, which we sold within the first 10 days of it going on to the property market. 

We have numerous other experiences of properties going to the market with realistic asking prices at todays date where viewing  numbers  are at levels not seen for almost 4 years in the Sligo area.  We are currently under offer on 5 different properties & deals are being done very regularly, but more importantly these deals are actually being completed by the willing buyers ” .   

 To get the most up to date list of all the properties available on  their  books with prices etc visit  their website at www.dngflanaganford.ie &  they  would be delighted to arrange an inspection for you of any of the properties that may suit your needs.

DNG also noted positive signs in the property market with a large drop in the number of customers requesting the return of their booking deposits paid down to 5% from a high of 30% during the height of the property crisis. 

According to Keith Lowe CEO, DNG Nationwide “This is very significant and our agency has not experienced a statistic like this since the boom years. Since the property market started to experience a re-alignment in late 2006 the number of buyers who paid our agency booking deposits on homes and then changed their buying decision was as high as 30%. This important statistic indicates that buyer confidence has improved and that prospective purchasers are not finding better value elsewhere in addition to not having problems arranging their mortgage. Many buyers are also advising us that they are keen to purchase now and take advantage of low long term fixed interest rates.”

It was also reported that property prices in the greater Dublin area have dropped by an average of 48% since peak in late 2006 but that the level of drop of 4% in the last quarter of 2009 was much less than the three previous quarters. According to the organisation this indicates that property prices in the greater Dublin area are close to stabilisation and the agency is predicting some level of price growth in certain areas of the market as early as next year if not before.

Attendees also heard that the number of new properties coming to the market for sale throughout the country has also reduced and that this reduced choice for buyers should also assist recovery of the property market.

The conference also reported that it is imperative that the government continue to ensure that there are sufficient levels of finance available through Irish financial institutions for property transactions as a vibrant property market is essential to assist economic recovery.

Keith Lowe also added “Following the very sharp countrywide price falls in property prices over the last three years it is encouraging to see much increased viewing and sales activity in the property market. Sales in our Dublin network have increased by over 30% this year compared to the same period in 2009. There is normally a time lag between market changes in Dublin and the rest of Ireland and it is encouraging to see evidence of improved activity already being experienced throughout the DNG nationwide network”

Speaking at the conference Shane Flanagan of DNG Flanagan Ford commented on the increased level of activity in the Sligo area.  “Since December 2009 we have seen a notable increase in not only the quantity of viewings we have, but also the quality of viewings, ie the majority of viewers are genuinely interested in purchasing a property.  We feel that prospective purchasers now recognise that there is excellent value to be had at present in Sligo & surrounding villages & towns.  We have Sale Agreed numerous properties over the past few months & almost all of these sales are expected to conclude successfully.”  Shane added “Some of the lending institutions are now lending funds especially to first time buyers & we have already seen the positive impact this is having on the local property market.  Many sellers are now far more realistic about the price they wish their property to be placed on the market at & this has been a massive factor in attracting increased viewing numbers.  This is a trend we expect to continue over the coming months.”

About Douglas Newman Good & DNG Nationwide.

Douglas Newman Good (DNG) are the largest seller of residential property in the greater Dublin area and operate a network of 67 real estate offices throughout the Ireland.

The IAVI has supported, and insisted upon, high academic standards in the property profession for many years.  In partnership with the Dublin Institute of Technology it runs two property courses – an Honours Degree and a Higher Certificate in property studies.

To recognise the achievements of two students who achieve academic excellence in these programmes, the IAVI awards a medal to the student who achieves first place in each course. For the Higher Certificate course, the Institute awards the Owen O’Riordan Memorial Medal, the 2009 winner is Marie McDonald who works with DNG Flanagan Ford in Sligo.

For the Higher Certificate course, the Institute awards the Owen O’Riordan Memorial Medal.  Owen was a student on the IAVI Residential and Land Agency course, (the forerunner of the Higher Certificate).  Whilst on the course, Owen was diagnosed with a serious illness.  Despite this, he battled on and continued his studies until he died aged 21, still attending lectures on the course, in 2005. The winner of this for 2009 is Marie McDonald who works with DNG Flanagan Ford in Sligo.

Pictured left to right are: IAVI President Ms Aine Myler, Chairman of Sunderland AFC Mr Niall Quinn, medal winner Marie Mc Donald and Shane Flanagan, Director DNG Flanagan Ford.

Marie joined DNG Flanagan Ford in 2001, initially working in the financial services side of the business for the first 3 years & during this time studied with the Institute of Bankers & received her QFA qualification along with a Certificate in Investment Advice.  However in 2004 Marie took a keen interest in the auctioneering side of the business.  DNG Flanagan Ford have always placed strong emphasis on all members of staff attaining the highest standards of qualifications relevant to their work.  “We at DNG Flanagan Ford are absolutely thrilled for Marie.  We saw at first hand the effort she was putting in & we knew that with her dedication & excellent work ethic she was always going to do well in this course.  To come Number 1 in the country when so many are attending was an absolutely massive achievement & we are all so proud of her” said Shane Flanagan of DNG Flanagan Ford.  “Marie brings this level of enthusiasm & dedication to work everyday of the week & this award will serve as not only a huge confidence boost for Marie, but will also I think, give her great satisfaction for the huge effort she put in while attending this course which included many weekends & mid week journeys to Dublin to attend long lectures.”

The old adage of the three most important things to consider when buying a property are location, location  and  location has never been more relevant than it is today.  What we are finding here at DNG Flanagan Ford is that appropriately priced property in good locations can still find buyers.  We do have some properties on our books that have been there for quite a considerable length of time with very few viewings being attracted even when prices are moderately reduced.  However in the more popular locations when prices are reduced to reflect the current levels in the market, viewers are forthcoming & we are making successful sales.  It is important, I think, for people to realise that all that is happening in the market place is a correction in property prices.  Vendors wishing to make sales need to reposition themselves in the current market to reflect prices which the market is prepared to pay.  Luckily we have many of those vendors on our books who are prepared to be both realistic & honest about the value of their property.

An example of this is a development called The Hawthorns which is located behind the Carraroe Retail Park here in Sligo city.  This scheme saw property prices reduced from a high of €320,000 for a 3 bedroom semi detached down to €200,000 in February of this year.  Since that date in February we have successfully sold no fewer than 20 new homes in this scheme.  There are many other examples similar to this, such as Dorrins Strand in Strandhill etc.  The second hand market continues to endure a tough time, however again at realistic levels sales continue to happen.  In the past two weeks our office has sold – 6 second hand properties in the Sligo area.  It has also been reported in the DNG offices based in the Greater Dublin area that sales for the month of June of this year were at a record high for the past 2 years.  This can be put down to the dramatic correction in prices allowing properties to be far more affordable.

A brief example to explain how much more affordable property has become is to consider The Hawthorns.  When we were selling 3 bedroom semi detached houses in this scheme for €320,000 interest rates were running at approximately 5.3%, now that prices have been reduced to €200,000 interest rates are also down to a record all time low of 2.4%.  The difference in monthly mortgage repayments as a result of the price reduction & the interest rate reduction is almost €900 per month.  The old repayment would have been in excess of €1,542 per month & the new repayments are less than €650 per month.

In relation to market sentiment overall, none of us are living in a cocoon or are immune to the constant barrage of bad news being reported in all sectors of the media.  Some of this reporting is pure honest reporting & some if it may be described as sensationalising.  However, there is no way of avoiding the fact that we are going through one of the most difficult economic times that the country has ever experienced.  Like the constant rise with property, it is important for all of us to realise that falls in property cannot continue either.  The difficulty - from a buyers prospective is that we will not know when property prices have bottomed out until they start rising again.  Buyers who wish to put off their decision until they know that the property market has bottomed out will surely miss that point in the market by continuing to wait.  The only way we will know that the property market has bottomed out is if property prices start to rise.  In my opinion the cost of buying a home in the current market has never been more affordable & there are excellent opportunities out there for those buyers prepared to put time & effort in to seek out a suitable property to suit their requirements.  My advise would be to start looking and look carefully …………

During these days of doom and gloom, and the constant negative reports in the media of the property market, sellers in Strandhill and surrouding areas eventually have something to smile about.  Over the past few weeks DNG Flanagan Ford have sale agreed three properties in Strandhill Village and another property in Aylesbury Park on the Strandhill Road.  “We are lucky to have such good quality homes on our books at present, and as is the case with any type of selling, good quality products coupled with an excellent sales team will always produce the best results.  Another important factor is the correct pricing of houses in line with the current market” commented Marie McDonald of DNG Flanagan Ford.

She continued “The properties which we have recently sale agreed in these areas were 4 bedroom detached and semi detached houses, three of which were owner occupied and one was an investment property.  All houses were in excellent condition throughout, allowing viewers an opportunity to get a good feel for the properties while viewing them.  As a result of these recent sales we now require more properties of this nature in the Strandhill and Strandhill Road areas, we have dissapointed under-bidders on our database with whom we can make immediate contact.”