Dublin ‘affordable’ purchase permutations call purpose of scheme into question

Prices have been set for the first 16 homes at Oscar Traynor Woods, an estate built on former Dublin City Council land in Coolockand its prospective purchaser, with an income of more than €106,000, is considered to be in need of State housing support.

A one-bed “maisonette” will cost €264,358 to €308,750, a two-bed mid-terrace house comes in at €355,760 to €427,500, and the three-bed semi at €399,731-€475,000. The variation in prices in each category is nothing to do with the size or style of a particular house, but the buying power of the eligible applicant.Remove rent cap or supply of new apartments will ‘fall away’, estate agent report finds

In each case these maximum prices are multiplied by 85.5 per cent and then divided by four to establish the maximum income limits. That means applicants for the three-bed semi can earn up to €106,875, for the two-bed it’s €96,188 and the one bed €69,469. How much each buyer pays for a house, ie if it’s €399,731, €475,000 or a point somewhere in between, depends on their individual “purchasing power” – what they can get in a mortgage, their savings and their deposit.

Source: News Formal (newsformal.com)

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