Schemes aimed at helping people buy their first home are pushing up the price of properties, some prospective buyers said at a viewing of a new estate in Co Dublin.
Dozens of people viewed the show houses at Mason Cross, a new development on the outskirts of Newcastle village, on Saturday.
Houses in the estate, which is being developed by Cairn Homes, start at €470,000 for a two-bed, rising to €500,000 for three-beds and €585,000 for four-beds.
“They’re very out of budget,” David Rooney said.
RM Block
“Sure what’s not out of budget at the minute?,” his partner Paige O’Brien added.
The couple currently live in Ballyfermot with their young son Casey, but want to buy their own home – ideally a three-bed.
Even with the Help to Buy and the First Home schemes, they can’t afford a three-bed house in Mason Cross. Despite this, they attended the viewing to get an idea of what’s on offer.
“We’re just hoping in the budget something will be done,” Mr Rooney said.
He has mixed feelings about the Government schemes aimed at helping first-time buyers.
“I think the schemes have the prices going through the roof,” he said. “Who can afford a €500,000 house?”
Many of the houses in Mason Cross are already sold, but Cairn plans to extend the development.
Pranjal and Kan Patil have been at a few viewings in recent months but are particularly “excited” about this estate as some of their friends bought in the area and really like the location. They both work in Citywest, which is about a 15-minute drive away.
Ms Patil said the prices, at first glance, may not seem like a “good deal”. However, they have seen some three-bed houses in Kildare priced at €500,000. Newcastle is about a 30-minute drive to Dublin city centre, depending on traffic, which is another bonus, she said.
“If we compare it to the other locations, that makes it a good deal,” she said.
The location is not so ideal for Ciara and Kevin, a couple who also have mortgage approval. They currently live in Dublin city centre, but can’t afford to buy in the city.
It’s their first viewing but Kevin said the drive to Newcastle has “very much” put him off the idea as his commute could be over an hour.
A colleague of his lives in the area. “I don’t know how he does it,” Kevin said.
Most of those attending the viewings were first-time buyers, but Samantha Kelly-Ryan has been a homeowner for nearly 20 years.
Her children are grown up, so she is thinking about moving. She bought her house in Clondalkin from the council in 2007. She said she got a good deal and paid €179,000. The house is now worth about €390,000.
“I’m in a lucky position. We don’t have a big mortgage on our other house, so even taking out a mortgage on this, it would only be a small mortgage.”
She said she doesn’t know how first-time buyers could afford €500,000 or more for a house, describing the market as “madness”.
Friends Edel and Susan were on a fact-finding mission on Saturday. Neither are looking to buy a house at present, but Edel’s daughter Caoimhe lives abroad and is considering moving home.
“I’ve a daughter in Australia, she’s looking to come home. I just want to see what’s available,” Edel said.
She initially thought the two-beds were €375,000 which she described as “crazy”. When she arrived at the viewing, she was shocked to find out they were actually €470,000.
“[Caoimhe] might need to marry a rich man in Australia,” Edel laughed.
