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Residential property inflation has accelerated in recent months

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By Ted Healy of DNG TED HEALY

According to the latest residential market review from leading property advisors DNG, house price inflation is now running at its highest level since 2017.

Prices are now 11.1% higher at a national level and are 11.3% higher in the South West than they were in June 2020, as a result of strong price inflation in the market during the first six months of 2021.

The DNG National Price Gauge, which tracks residential property price movements at a national level, excluding Dublin, shows that the average price of a home now stands at €233,582 up from €210,258 in June 2020. In the South West region the average price of a resale property now stands at €266,844 up from €239,671 in June 2020.

The report highlights the fact that in the year to December 2020 the annual rate of house price inflation was running at 1.4% nationally. However, strong demand, coupled with a scarcity of homes for sale in the market, has served to drive up residential property prices across the country in the first half of 2021. In the first six months of the year, an uptick in the rate of increase in house prices has been driven by the shortage of supply in the context of rising disposable income, elevated savings levels and demographic pressures.

At a national level, an analysis of the stock of homes currently for sale indicates that there are approximately 35% fewer homes listed for sale now, compared to the same time last year, and 45% fewer than at the same point in 2019.

The latest results of the DNG House Price and National Price Gauges show that residential property inflation has accelerated markedly in recent months, driven primarily by increased first time buyer demand on foot of record levels of mortgage approvals. Our analysis of purchasers during the second quarter shows that first time buyers continue to dominate the resale market accounting for 54% of purchases during the period. In addition, over two thirds (70%) of buyers rely on mortgage finance in order to complete their transaction.

The elevated level of demand in the current market is evident now because of the easing of the restrictions placed on the property sector and house hunters during the last lockdown. Buyers who had paused their property search during lockdown are now back in the market competing with those buyers with more recent loan approvals.

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What is an Engineering Statutory Inspection?

By John Healy of Healy Insurances Equipment owners and managers can typically have a diverse, complex and large number of plant and equipment types under their direct control and or supervision. With this comes the legal responsibility to ensure it is safe and that the necessary Health and Safety requirements are being satisfied. An Engineering […]

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By John Healy of Healy Insurances

Equipment owners and managers can typically have a diverse, complex and large number of plant and equipment types under their direct control and or supervision.

With this comes the legal responsibility to ensure it is safe and that the necessary Health and Safety requirements are being satisfied.

An Engineering policy will ensure that you satisfy the requirements of the Health, Safety & Welfare at Work legislation. Here is a brief outline of some of the most common plant and machinery that falls under this legislation.

* Forklifts and teleporters should be inspected and certified every 12 months
* Vehicle lifting tables should be inspected and certified every 12 months.
* Lifting plant such as hoists and goods/passenger lifts have an examination frequency of six months. Other machinery which are not lifting machines but have a lifting function, for example manual pallet trucks, excavators etc also require inspection under the health and safety acts.
* Steam boilers, steam receivers and air receivers should be inspected and certified every 26 months. Hot water boilers and café boilers should be examined every 12 months.

As you can see there are many sectors that are impacted by this legislation from construction and manufacturing to the hospitality industry, agri sector and motor industry. It should be emphasised that if there is an accident involving an item of plant an up to date certificate will be requested by both the Health and Safety Authority (HSA) and the liability insurers. It is also vital to say that routine servicing of plant and machinery does not replace the legal requirement to hold up to date certification.

There are a wider range of insurers and inspectors who offer this service. It is crucial to get the best possible professional advice as policy wordings and covers can differ greatly.

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What to look out for when viewing second hand homes

By Ted Healy of DNG TED HEALY After spending so long saving for a mortgage and filling in countless application forms, you are now ready to begin your house hunting in earnest. Set yourself a budget and have a look to see what is available in your desired locations within that budget. Viewing appointments can […]

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By Ted Healy of DNG TED HEALY

After spending so long saving for a mortgage and filling in countless application forms, you are now ready to begin your house hunting in earnest.

Set yourself a budget and have a look to see what is available in your desired locations within that budget.
Viewing appointments can be arranged via a telephone call or a simple email to the selling agent. When making the appointment make it clear that the mortgage is in place and you are ‘ready to go’.

This week we will deal with viewing second hand homes and what to look out for on that first property viewing.

When you arrive at a house, you’ll get a general feel outside of how well it’s been maintained. Arrive early and study the exterior of the property before going in, and have a glance at neighbouring properties. This will help you to get your bearings before continuing with the viewing.

If viewing an older house, a musty smell is the first red flag for signs of damp. Also be wary of the smell of fresh paint; was this done to simply freshen the property up or what is it covering up? Is paintwork bubbling or flaking?

Take note of any wall cracking; hairline cracks in walls and ceilings are generally fine, but if you can spot a crack from the other side of the room, then it’s probably big enough to be concerned about.

In older houses, take a good look at windows and roofs. Window frames can slope downward if there are poor ground conditions underneath, and the roof of the house can sag in too.

Is there room to extend? If you are lucky enough that there is have a look for external manhole covers; it gives a good indication of the drainage and pipe layout which may complicate a future extension.

Don’t be afraid to ask the nosy questions; why is the house for sale? How long has it been on the market? How long have the current owners resided there? Has the house been rented out frequently? How many times has it changed hands in the last decade? Have there been any refurbishments? Has it been rewired/replumbed? Who are the neighbours? What is included in the selling price?

It is a good idea to take photos (with the agents consent) or videos as this will help you remember the property after you have returned home.

And finally, don’t be afraid to ask for more time. Spend as much time as you think you need to and don’t hesitate to request a second viewing.

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