Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Dublin affordable house for sale on private property market

Dublin affordable house

Housing co-operative Ó Cualann Cohousing Alliance built the estate of 49 houses in Ballymun with prices at nearly 30 per cent below market value

A three-bedroom house, built in 2018 as part of an affordable-housing scheme for low and middle income workers in north Dublin, is being offered for sale on the private property market at a mark-up of nearly 50 per cent.

Housing co-operative Ó Cualann Cohousing Alliance built the estate of 49 houses at Baile na Laochra in Ballymun with prices at nearly 30 per cent below market value.

It was the only affordable housing scheme open in the country at the time and the then minister for housing, Eoghan Murphy, said the estate was being used as a model for the development of a new State-backed affordable-housing scheme.

The house in Baile na Laochra, sold by Ó Cualann for €170,000 (£143,878) three years ago, has in recent days been put on the market with a guide price of €250,000 (£250,000). Unlike the original purchasers, potential buyers will not have to comply with any affordable-housing eligibility criteria.

Single buyers had to have an income under €59,000 (£49,934) and couples a combined income below €79,000 (£66,861) in order to be eligible to buy the Ó Cualann houses in 2017 and 2018. A 10 per cent deposit was required, as well as mortgage approval for the remaining sum. Buyers also had to become members of the co-op.

Homeowners selling within 10 years are expected to pay a clawback fee to the co-op related to the discount on the purchase price.

In the case of this house, it is understood the clawback would be in the region of €44,000 (£37,239), which Ó Cualann would use to repay Dublin City Council for the cost of the site.

The council sold the land to the co-op for €1,000 (£846) per house plot. On the open market the same plots would have cost up to €30,000 (£25,390.35). The council also waived the development levies of €86.40 (£73.12) per square metre.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.