The Shanganagh Castle Estate development in Shankill, Co Dublin – which, according to sales agent Savills, is the largest public housing project in decades – was recently launched by Taoiseach Simon Harris and Minister for Housing Darragh O’Brien.
The estate, delivered by the Land Development Agency (LDA) and Dún Laoghaire-Rathdown County Council, is the first in a pipeline of about 20 housing projects to be completed by the LDA on State-owned land.
Applications will be opened for eligible prospective buyers for 51 houses at the scheme through the Affordable Purchase Scheme on Wednesday, October 9th. It is planned the development will comprise 597 homes when complete and will also include cost-rental apartments and social housing apartments.
The development, built on a 22-acre site, is aimed at the middle-income market, referring to those who cannot afford to purchase private-sector homes but who do not qualify for social housing.
Two- and three-bed terraced and semidetached houses will be available on October 9th for eligible prospective buyers to apply for through the Affordable Purchase Scheme via an online portal. Applications will open for the cost-rental apartments later this year.
Twenty-one two-bedroom terraced houses measuring 92-94sq m with a minimum sale price of €334,600 will be available for eligible prospective buyers to apply for.
There will also be 22 three-bedroom terraced houses measuring 104-106sq m available with a minimum sale price of €349,300 and six three-bedroom semidetached houses measuring 116-126sq m with a minimum sale price of €374,500.
There are just two three-bedroom terraced houses measuring 142-159sq m set to be available, with a minimum sale price of €385,000.
Prices listed here are the minimum sale price, whereby the council will have a 30 per cent stake in the property. For example, two-bedroom terraced houses mentioned above would have a market value of €478,000, but if household income is less than a certain threshold, the council will take a stake in the house to a maximum of 30 per cent.
What this means is, depending on income, “purchasers will enter an affordable dwelling agreement with Dún Laoghaire-Rathdown County Council, who will take a percentage equity share in the dwelling, equal to the difference between the market value and the price paid by the purchaser”, the council said.
Properties under the scheme are aimed primarily at first-time buyers, though some exceptions apply under the Fresh Start Principle pertaining to people who no longer have financial interest in a previously owned house due to separation/divorce or bankruptcy.
Along with other factors, buyers’ gross household income must be below certain thresholds to qualify for units under the scheme. For two-bedroom terraced houses, gross household income for the preceding 12 months should be below €96,795 and for three-bed terraced houses it should be below €101,048. For three-bedroom semidetached houses, gross household income for the preceding year should be under €108,338, and below €111,375 for the larger three-bed terraced houses.
The criteria also states each person included in the application must have the right to reside indefinitely in the State and the home must be the household’s normal place of residence. If the scheme is oversubscribed, which is likely given the current demand for housing, 30 per cent of the residences at Shanganagh Castle will be allocated to applicants who have been resident in the Dún Laoghaire-Rathdown area for a minimum of eight years.
Some exceptions apply to the above and the minimum equity stake for all units is 10 per cent. Applicants will need to submit a mortgage approval in principle document from one of the pillar banks (AIB, Permanent TSB, Haven Mortgages, Bank of Ireland and EBS) or local authority home-loan documentation.
If new purchasers sell their home, they will have to pay back the equity they received, and the local authority may look for the equity share to be repaid after 40 years for those in situ.
The A-rated homes at Shanganagh have contemporary kitchens and bathrooms with generous external patios and gardens.
All houses are close to public transport and within a 10-minute walk from the Woodstock Dart station (due to open in 2025) and less than a kilometre from Shankill village and Dart station.
Savills New Homes, which is handling the marketing and sales of the scheme, advise potential purchasers to familiarise themselves with eligibility criteria and necessary documentation on Dún Laoghaire-Rathdown county council’s website. The local authority is overseeing the administration of the scheme.
*Article updated at 3.20pm on October 3rd, 2024
