The current difficult economic conditions have made first time buyers nervous about getting on the property market. However with four rate reductions by the ECB since October 2008, coupled with increased value in the property market, first time buyers are being encouraged back into the market place.
The affordability for first time buyers in the housing market is to improve in the coming months. With house prices falling affordability is improving and this is good news for everyone.
In an important move to support first time buyers looking to get on the property ladder, Bank of Ireland announced that it is enhancing its mortgage offerings with a fund of €1billion for first time buyer mortgage customers, along with an attractive market leading one year fixed rate of 2.45 per cent (3.5% APR ).
Rooney auctioneers has reduced asking prices on the following properties:
No 88 Renville Village, Oranmore, two bed, 850sq ft townhouse, €249,000.
No 1 Fairgreen, Eyre Square, two bed top floor apartment, €330,000.
Killeenemore, Kilcolgan, four bed newly constructed detached dormer set on a 0.5 acre site, €325,000.
Tully, Ballygar, four bed detached two storey set on 0.5 acre, €195,000.
Abbeygate Street, Galway city, three bed duplex set over two floors €380,000.
No 79 Cluain Riocaird, Headford Road, two bed first floor apartment, €240,000.
Corraun village, Roscommon town, newly constructed semi detached dormer house, 1,400sq ft, €250,000.
No 65 Ashbrook, Oranmore, four bed semidetached 1,200sq ft house, €360,000.
No 2 Eyre Square Centre, three bed fully furnished townhouse, €350,000.
No 97 Sailin, Wellpark, superb three bedroom townhouse, €350,000.
No 82 Slí Gheal, Ballymoneen Road, luxurious four bedroom end of terrace home, €300,000.
Cappatagle, Loughrea, four bedroom two storey detached house, 1,850sq ft, €275,000.
No 51 Riverdale, Oranmore, four bed mid terrace three storey residence, €285,000.
No 6 Ballybane Neighbourhood Village, two bed Section 23 townhouse, €300,000.
Kilmore, Ballygar, three bed newly constructed detached family home set on 0.5 acre.
Half acre sites in Moyvenna, Oranmore, and Kilcolgan with full planning permission and no restrictions, €290,000.
The volume of properties on the market is offering the purchaser more choice, combined with the very good value that is now available to house buyers, especially when we consider the cost of money. With interest rates so low rents are getting closer and closer to monthly repayment levels.
Last year ended and 2009 began a year of uncertainty and intense media speculation. Rooney auctioneers believes the signs are that 2009 will see consumer sentiment improve and stability return to the property markets. However the company does not anticipate an immediate significant revival in activity or price performance, rather a gradual improvement in market sentiment and demand trends
If you require any advice in relation to financing Rooney Life & Pensions can structure a finance package to suit your needs and requirements. Rooney Life & Pensions is regulated by the Financial Regulator. Contact (091 ) 565544.
Further details are available from Avril Smith, residential manager with Rooney auctioneers, Victoria Place, Eyre Square, phone (091 ) 567391, e-mail [email protected]