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That this North Central Area Committee agrees that the current retail prices of the Oscar Traynor Woods homes should remain at the 2021 indicative prices for one, two, and three bedroom homes making them more affordable to many more people and staying in line with the developer’s build price criteria and that the Council’s equity stake shares if used, remains at the purchase value amount and at zero interest for the duration of the mortgage as the lands are already in public ownership.
Minutes:
That this North Central Area Committee agrees that the current retail prices of the Oscar Traynor Woods homes should remain at the 2021 indicative prices for one, two, and three bedroom homes making them more affordable to many more people and staying in line with the developer’s build price criteria and that the Council’s equity stake shares if used, remains at the purchase value amount and at zero interest for the duration of the mortgage as the lands are already in public ownership.
Report:
Current Retail Prices
The information given to the Elected Members in October 2021 (Table 1) regarding indicative prices was on the Price Range per Unit type, was excluding VAT, assumed subvention of €100,000 per unit and applied the €30,000 reduction available through the Help to Buy (HTB) scheme.
Table 1
OSCAR TRAYNOR ROAD AFFORDABLE PURCHASE HOMES 2021 PRICE RANGE PER UNIT EX VAT & INCL HELP TO BUY |
|
SIZE |
PRICE RANGE |
1 BED |
204,000 – 238,000 |
2 BED |
227,000 – 284,000 |
3 BED |
250,000 – 306,000 |
Table 2 below adjusts these ranges to include VAT and exclude the Help to Buy Scheme.
Table 2
OSCAR TRAYNOR ROAD AFFORDABLE PURCHASE HOMES 2021 PRICE RANGE PER UNIT INCL VAT & EX HELP TO BUY |
|
SIZE |
PRICE RANGE |
1 BED |
265,590 – 304,180 |
2 BED |
291,695 – 356,390 |
3 BED |
317,800 – 381,360 |
On 30th July 2024, the first 16 affordable purchase homes were advertised for sale with the prices as per Table 3 below. A blanket €100,000 subsidy is being applied to all unit types. The sales prices outlined below in Table 3 fall within the price ranges presented to Council in Oct. 2021 as per Table 2 above.
Table 3
OSCAR TRAYNOR ROAD AFFORDABLE PURCHASE HOMES 2024 PRICE PER UNIT INCL VAT & EX HELP TO BUY |
|
SIZE |
SALES PRICE |
1 BED |
254,358 |
2 BED |
325,769 |
3 BED |
360,931 |
Dublin City Council’s Equity Share
Dublin City Council will provide a monetary contribution known as an ‘Affordable Dwelling Contribution’ that facilitates the purchase of homes by an eligible applicant. This contribution is the difference between the combined total of the purchaser’s deposit and maximum mortgage capacity (and savings where relevant) and the market value of the home on the date of offer.
The Equity Share is simply the Affordable Dwelling Contribution expressed as a percentage. It is the stake that Dublin City Council will take in the home that covers the reduced price.
The equity share can be bought out by the purchaser at a time of their choosing but there will be no requirement to do so. The total amount repayable in respect of the Affordable Dwelling Contribution to remove the City Council’s equity share from the property will depend on the future open market value of the home and the timing of the repayment(s).
The redemption and realisation of the affordable dwelling equity is written into the Affordable Housing Act 2021 and the purchasers of homes at Oscar Traynor Woods will be subject to the same requirements as any other applicant buying a home under the Scheme.
Contact: Martin Donlon
Tel: 01 222 3943
Email: martin.donlon@dublincity.ie
Order: Agreed. Seconded by Cllr. Lyons, Batten & Moran. A letter to be sent to Minister Darragh O’Brien seeking a meeting with the members & copied to the Chief Executive of Dublin City Council.