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Property prices expected to rise by 2 percent this year

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By Ted Healy of DNG TED HEALY

It's that time of year again where property reports on the year past are plentiful, with financial institutions, agencies and construction firms all analysing the past 12 month's activity and making predictions for the year ahead.

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The latest report, from the Society of Chartered Surveyors (SCSI) has highlighted that in the final quarter of 2022, 40% of house sales were due to landlords exiting the market.

It suggests property prices are expected to rise by 2 percent this year, a considerable slowdown on the double-digit growth rates up to now which is likely to put a squeeze on house builders because construction costs are rising at more than 2 percent. This will directly impact on supply to the market.

The large numbers of buy-to-let properties being sold will not be replaced in the rental market, putting more pressure on rental costs.

The survey found that popular new three-bed semis remain out of the reach for a large number of first-time buyers on average salaries.

The trend of second-hand buy-to-let properties coming on the market was evident throughout 2022, but it ramped up in the last quarter of the year. While this may have helped to increase the number of properties available for sale – 66% of agents reported low stock levels this year – the lack of supply remains the dominant issue in the market.

The trend of private landlords exiting the market also has serious implications for the supply of rental properties. SCSI agents are reporting that the supply of available units to rent is at one of the lowest levels ever, and they do not believe the situation will improve in the short term.

“Almost 80% of agents surveyed are of the view that individual buy-to-let second-hand rental units being sold at present will not be replaced in the rental market in the next two years,” said John O’Sullivan of SCSI.

The survey found the three primary reasons for occupied residential units coming back on to the market for sale include the complex and restrictive nature of rent regulations, landlords finding compliance with rented housing standards too onerous, and net rental returns too low, according to the report.

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Three Peaks Challenge to raise funds for Down Syndrome Kerry

This year’s Three Peaks Challenge, organised by Killarney Cycling Club will raise funds for Down Syndrome Kerry. The June 15 event,  the only one day cycle event Down Syndrome Kerry […]

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This year’s Three Peaks Challenge, organised by Killarney Cycling Club will raise funds for Down Syndrome Kerry.

The June 15 event,  the only one day cycle event Down Syndrome Kerry is associated with this year, promises to be a fabulous day of cycling and fun!.

The 100km route challenges the stronger cyclists and the 75km route gives cyclists the chance to become familiar with Moll’s Gap which is part of the Ring of Kerry route.
The cycle sets out from Killarney, heading out the Cork Road. The 75km route (one peak) turns right at Loo Bridge for Kilgarvan and onto Kenmare, while the 100km route, (three peaks) heads over the county bounds to Ballyvourney, onto The Top of Coom and then Kenmare. Both routes continue on over Moll’s Gap, passing through the picturesque Ladies’ View and back into Killarney, where all participants will be treated to a burger and drink at the finish line.

“We will guarantee plenty of laughs and refreshments along the way, there are two routes available; 100km or 75km, to meet all abilities, covering some of the most beautiful landscapes in Ireland. This is the perfect warm-up for anyone thinking of doing the Ring of Kerry cycle this year or anybody looking for a really well run sportive with great craic compulsory,” Chairperson of Killarney Cycling Club, Kevin Murphy.

All cyclists who register online will be entered into a raffle for some great spot prizes kindly donated by our sponsors, winners collecting their prize at the finish line.

Down Syndrome Kerry’s goal is to help people with down syndrome to make their own futures as bright and independent as possible by providing them with education, support and friendship every step of the way.
Funds raised from this cycle will help Down Syndrome to continue to provide vital services such as speech and language therapy, occupational therapy and job coaching to their members.
As Down Syndrome Kerry do not receive any government funding, they are totally dependent on your support to continue to make these services available to those who need them.
You can register for the cycle which is €40 for Cycling Ireland members, €20 for accompanied under 16’s on event master:- https://eventmaster.ie/event/dW04CnGSwV

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BAR 1661 is teaming up with Pig’s Lane for a night of cocktail mastery

BAR 1661, the winners of Ireland’s Bar of the Year 2022, are taking up temporary residency in Killarney’s first underground hotspot, Pig’s Lane for one night only on May 21. […]

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BAR 1661, the winners of Ireland’s Bar of the Year 2022, are taking up temporary residency in Killarney’s first underground hotspot, Pig’s Lane for one night only on May 21.

The dynamic team at Dublin’s BAR 1661, who have recently taken their talents to venues in Sweden, London, and the famous Dead Rabbit Bar in New York, are now hitting the road to Killarney for an epic takeover event.

Staunchly Irish and fiercely independent, BAR 1661 have two goals in mind; to introduce the world to Poitín and lift Irish cocktail culture to fresh heights.
Headed up by their founder Dave Mulligan, the Dublin team will transform Pig’s Lane on College Street for one night only. Since opening just a few months ago, Pig’s Lane has been raising the bar in Kerry with its cocktails, whiskey and wine offering. Kicking off at 6pm, experience a curated selection of Poitín-infused cocktails, featuring a bespoke rendition of BAR 1661’s drinks menu.

The crew will also serve up their unique take on the classic Irish Coffee with their Belfast Coffee, steeped with cold brew coffee, top-quality Irish Poitín, and rich demerara syrup. Guests will be able to chat with the team, get some insider knowledge on how to elevate their own cocktail-making skills, as well as learn insider tips on how to blend flavours to satisfy their own palette.

Two-time World Championship Mixologist and Drinks Development Manager for the O’Donoghue Ring Collection and Pig’s Lane, Ariel Sanecki said of the upcoming takeover: 

“We are very excited to welcome one of Ireland’s leading bars, BAR 1661, for an exclusive collaboration with us here at Pig’s Lane. This takeover is a great opportunity for people to meet with innovative mixologists who will be crafting bespoke creations right in front of them! We look forward to welcoming guests on the night, to what promises to be an epic event, featuring premium drink producers and unforgettable flavours.”

Before the takeover starts, drinks aficionados can join Dave for an intimate Poitín Masterclass. Attendees are invited to explore the diverse landscape of Poitín, accompanied by fascinating insights into its vibrant history and contemporary revival.

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