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Dublin: 10°C Thursday 28 January 2021

Mortgage rate wars and an 'old Dublin' auction: 5 things to know in property this week

Plus a Government crackdown on landlord loopholes.

IT’S BEEN A busy week for property news with the Dáil back in session and plenty of chatter about tackling the country’s housing crisis.

If you’re in need of a news update, look no further, as we’ve rounded up five of the most significant goings on from the world of real estate this week.

Here’s what you’ve missed…

1. Those on social housing lists could be offered rural homes

shutterstock_636666724 Source: Shutterstock/Jon Chica

Under a proposed new plan, those on social housing lists in Dublin could be voluntarily relocated to the countryside.

The Housing Department is currently working on a proposal aiming to ask people who are on the list or receiving the Housing Assistance Payment (HAP) if they would be interested in moving to a rural town or village.

2. Here’s how Ireland’s mortgage rate war could benefit you

16/11/2015. Social Housing Issues Source: Sasko Lazarov

Competition between Irish banks is heating up, but it could mean good news for consumers. KBC has confirmed a new 10-year fixed mortgage offering, just days after AIB publicised plans to cut its standard variable mortgage rate by 0.25%.

Goodbody Financial Analyst Cian Harty welcomed the news. “From our perspective it is competitive pressure on the banks, but it is good for consumers in terms of lower mortgage payments for them,” he told Fora.ie.

3. Over 2,000 pieces of ‘old Dublin’ went up for auction

90248401_90248401 Source: Rolling News/Sam Boal

Chairs from Rathmines’ Stella Cinema, the doors of the Berkeley Court Hotel and 1970s oak panelling from the Bank Of Ireland on Baggot St are just some of the one-of-a-kind pieces that went up for auction in Dublin this week.

The sale, operated by auctioneer Niall Mullen, also featured the remaining lots that emerged too late from the former Central bank premises in Dame Street to be included in the original sale.

4. Government will crack down on landlord loopholes

19/9/2017. NationalÊPloughing Championships Source: Sam Boal

Housing Minister Eoghan Murphy says the government will look at taking on landlords who are trying to get around rules regulating rent increases.

Murphy said that some landlords may be seeking to “get around” the rules by carrying out refurbishment works on properties, which entitle them exemption from some rent controls. He hopes to formulate an official definition of “substantial” refurbishment.

5. Dublin’s vacant Bondi Beach Club site to re-open

fora Source: Google Maps

A new €45 million aparthotel is set to be built on the former site of Bondi Beach Club and Zanzibar Hotel. Located near the Ha’penny Bridge, the site – which was once part of the ex-Capital Bars Group – has been vacant for a number of years.

Earlier this year, the site was purchased by aparthotel group Lockeliving for €10 million, and planning has now been officially granted for the redevelopment.

And finally, this week’s property buzzword…

We’re breaking down the mystifying world of property phrases, one buzzword at time. This week it’s Development Control Plan, a detailed guide published by each planning authority listing guidelines for land usage and amenities. If you’re moving into a new area, it’s worth checking the DCP out to see what’s in the pipeline.

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