Cork first-time buyers’ event aims to simplify the house buying process

Buying a first home can be a daunting task, but with the right advice it can be simplified a great deal.

Lisa O’Brien, best known as a former quantity surveyor on RTÉ’s Room to Improve, as well as founder of O’Brien QS, will be one of the headline speakers at the first-time buyers’ event, being held in Cork this November. The Irish Times event, in association with Ulster Bank, will go a long way towards easing the minds of those considering stepping into the property market for the first time.

An array of industry experts will be on hand on the evening, passing on tips for what to look out for when buying a first property.

O’Brien will cover everything from due diligence, to snag lists, new development launch days to moving in days. She says it’s so important to know the basics and even though first-time buyers might think they are aware of everything they need to look out for, inevitably there will be something that they forget or miss, so a check-list is vital.

“In relation to viewing new developments, I will be telling people to sit down before launch day and do what I call due diligence, to get to know the area. This covers everything from transport links, to sports clubs and schools in the area. I would advise them to contact the county council to see if there are any future developments planned for the area or, for example, an incinerator that is planned for close by.

“It can get very agitated on launch day and there is generally a huge amount of footfall, so I’ll advise people to get out to the development beforehand, so they have a good idea where to park.

“I’ll also advise them to pick the house type that they want and can afford before launch day. If they can only afford the three-bed type A1 to A3 in the €320,000 to €360,000 bracket, that might only leave them with six houses to choose from, so they should prioritise their top three choices.

“I’ll tell them what to look out for in terms of finishes in the common area; road finishes, planting, man hole finishes as these will give a good indication of how the development will be handed over.”

As well as O’Brien, there will be many more industry experts speaking on the day, including Angela Keegan, managing director of who will discuss the current state of the housing market.

She will provide an insight into the Irish property sector in 2018 and beyond. Due to her many years of experience, she will be able to highlight to attendees what they should be looking out for in new developments, such as good surrounding infrastructure, as well as reasons why a fixed variable rate might better suit first-time buyers.

Nicki Halley, owner of Hinspo Interiors, will discuss how to put a unique stamp on a new home. She will detail the A-Z of everything buyers will need to know to transform their new property into a comfy home and will highlight how to make small things look great, and how to personalise the space on a budget.

Wayne Kirby, Ulster Bank Cork area manager will discuss how the overall mortgage application works and will walk attendees through what they will need to have in order in advance and what they’ll need to bring to a meeting with a mortgage manager. He will also advise on the usual length of proceedings, common mistakes that can derail the process, and tips and tricks to streamlining the process.

Irish Examiner columnist Annmarie O’Connor, the MC for the evening, will introduce panellists, and each will give a five-minute talk with a focus on advice for first-time buyers from their area of expertise. The presentations from the panellists will be very practical and tip-focused so as to inform the attendees of the dos and don’ts of first-time buying.

Once guests have heard from all speakers, there will be a short break where guests can top up their glasses, indulge in Ulster Bank-branded treats and take the opportunity to chat to Ulster Bank’s mortgage specialists, who will be on hand for the rest of the evening. Attendees will then be given the opportunity to put their own questions to the panel in a Q&A.

Attendees will receive goody bags, and there will be spot prizes for various competitions run on the night such as: Best Instagram, Best Tweet and Best Question.

This is a free event taking place on November 8th, 2018, from 6.30pm-9pm, in the Mirror Room, The River Lee Hotel, Cork.

Approximately 100 first-time buyers will attend the event. Guests will have the opportunity to speak to the Ulster Bank mortgage specialists prior to the panel presentations and discussions, as well as post-discussion.

Book tickets now for the Cork first-time buyers' event on November 8th.

The Ultimate End of Tenancy Cleaning Checklist

Cleaning a rental property at the end of a tenancy agreement is a tenant’s responsibility and is crucial in them getting their full deposit back. Tenants can use this ultimate end of tenancy cleaning checklist to ensure they don’t miss a spec of dust…

Landlords could also use this cleaning checklist when inspecting the property against the original inventory report, to make sure that the tenant has fulfilled their responsibility.

First thing’s first, tenants must remember to leave plenty of time for cleaning, as losing out on your deposit is simply not worth an extra few days of housework.


Step one is to take care of dust and dirt. The best way to tackle this is to wipe rooms from top to bottom.

  • Remove cobwebs from ceilings and corners
  • Dust reachable surfaces – wardrobes, shelving and cupboards
  • Wipe accumulated dust and dirt from top of doors
  • Wipe accumulated dust from top of picture frames
  • Wipe dirt off curtain rails
  • Properly vacuum and dust both sides of curtains and blinds
  • Wipe and polish mirrors, pictures and other wall hangings
  • Wipe off dust from skirting boards and decorations
  • Dust off all light fittings and lampshades
  • Clean and polish metal ornaments
  • Wipe and polish switches
  • Remove/repaint dirty marks from walls
  • Carefully clean power sockets and extension cords
  • Thoroughly vacuum all mattresses
  • Mop hard floors and laminate


The Ultimate End of Tenancy Cleaning Checklist

Dirt and mildew are most visible and least tolerable in bathrooms. Toilets, showers, tiles and baths should be cleaned and polished as well as possible.

  • Clean basins, taps and fittings
  • Remove hard water stains
  • Remove limescale if present
  • Scrub and rinse soap dispensers
  • Wipe and polish radiators and towel rails
  • Scrub and rinse toilet and bidet
  • Clean plumbing behind toilet if reachable
  • Wipe marks and stains from shower screens
  • Scrub and rinse bath marks and signs of mildew
  • Make sure to clean drains
  • Wipe and polish mirrors and glass surfaces
  • Descale, rinse and wipe showerheads, taps and metal surfaces
  • Scrub and rinse accumulated dirt from the toothbrush area
  • Clean extractor fans
  • Wipe reachable bathroom tiles


Cleaning the kitchen is a quarter of the job. Your kitchen is most likely to be the most used room, not to mention the most heavily exposed to various germs and dirt.

  • Wash and polish all worktops, countertops and the sink area
  • Clean inside cupboards, drawers and shelving
  • Throw leftover food and carrier bags away
  • Wash and polish sinks and shine taps
  • Remove accumulated limescale
  • De-grease and polish wall tiles
  • Remove mould growth between grout
  • Clean and de-grease ovens internally and externally
  • Clean grime from extractors and hobs
  • Scrub gas rings and gas control knobs
  • Clean microwaves inside and out
  • Clean out the fridge/freezer
  • Clean the washing machine inside and out
  • Clean the dishwasher inside and out
  • Clean exterior of all appliances
  • Sanitize the bins and remove rubbish
  • Clean outside of cupboards and drawers
  • Stack and arrange cutlery, utensils and other dining accessories
  • Clean inside of windows and wipe down sills, ledges and frames
  • Wipe dirt from woodwork (doors, handles, doorframes, furnishings and skirting boards)
  • Wipe down radiators if applicable and accessible
  • Remove dust from plugs and light switches
  • Vacuum, mop and polish floors


Landlords or their letting agents will pick up dirty furnishings upon their inspections. You must carefully wipe, vacuum and clean all furnishings.

  • Wipe and polish tables, countertops and other worktop surfaces
  • Make sure you remove all fingerprints and marks
  • Look our for oil stains
  • Take sofa cushions outside and pound them until the dust is removed
  • Vacuum the sofa with and without its cushions on
  • Move all furnishings to vacuum underneath
  • Wipe and polish all wooden units


Carpets always come under scrutiny from landlords/letting agents. Carpet cleaning is one of the hardest jobs to tackle, but the best way to do it is to hire a carpet cleaning machine.

  • Thoroughly vacuum all carpet edges
  • Move furniture and vacuum underneath
  • Steam clean, if possible
  • Try hand-washing stains if a carpet cleaning machine is not available


Everything within your rental property should be subject to a thorough clean before you move out. Cleaning the inside of the windows is no exception.

  • Remove any marks, fingerprints and oily stains
  • Wipe down to prevent streaks when drying
  • Dust off and clean windowsills
  • Wipe down frames
  • Dust off blinds, curtains and shades

Drawers, cupboards and shelves

It’s quite common to forget to clear a drawer or cupboard that you don’t use often. Always inspect each drawer, cupboard and shelf.

  • Clear drawers inside and out
  • Remove any unnecessary items or leftover goods
  • Wipe down the inside and out
  • Wipe around handles


Check your tenancy agreement to see if your landlord wants the fridge/freezer turned on or off upon check-out. To clean it properly, you may need to defrost the freezer or at least turn it off a day in advance.

  • Remove dirt, mildew and leftover food
  • Wipe and polish handles
  • Clean rubber seal
  • Move it and clean underneath and behind
  • Dismantle, wash and rinse slots, grills and shelves inside
  • Wipe and polish the exterior


You will need to check your tenancy agreement regarding your responsibilities on cleaning appliances.

Clean the dishwasher of food and soap deposits

  • Remove all dirt, mildew and food deposits
  • Inspect and clean filters
  • Wipe the rubber seal
  • Move it and clean underneath and behind
  • Wipe the soap dispenser drawer and remove marks and stains
  • Wipe down handles

The washing machine

  • Clean the drum from leftovers and stains
  • Inspect and clean filters
  • Inspect the rubber seal
  • Move it and clean underneath and behind
  • Wipe the soap dispenser drawer and remove marks and stains
  • Clean handles

The tumble dryer

  • Clean inside and out
  • Inspect the rubber seal
  • Clean the soap dispenser drawer
  • Inspect and clean the filter

Ovens and microwaves 

  • Clean and de-grease oven, extractor fan, hob and grill
  • Clean and de-grease the microwave
  • Scrub off food deposits and grime
  • Clean grill pan and oven racks
  • Clean the inner of both the oven and microwave
  • Inspect and wipe the rubber seals
  • Inspect and wipe all buttons
  • Clean exterior and remove stains and marks

The toaster

  • Clean, wipe and polish the exterior
  • Remove any food deposits and bread crumb leftovers
  • Clean within as much as possible
  • De-grease handles
  • Remove grime

Smaller details

There are many smaller tasks that you’ll also have to remember in order to get your full deposit back. Remember to:

  • Clean and dry all kitchen tiles
  • Get rid of leftover rubbish
  • Rinse out rubbish bins
  • De-grease fans and extractors

Tenants, make sure to tick off everything on this cleaning checklist (but check your tenancy agreement first!) to have the greatest chance of getting your full deposit back when you move out.

House building among lowest in Europe as population soars

Analysts say output needs to be trebled to meet demand

Housing output in Ireland is the fourth-lowest of the European Union. Stock Image: Getty Images

The level of house building in this country is one of the lowest in Europe, despite the rapid population growth.

New figures from Goodbody Stockbrokers show that 2,367 housing units were built during the first three months of the year.

The figure is an increase of 45pc on the same time last year, but it is still way behind where the country needs to be on the housing front, Goodbody economist Dermot O'Leary said.

The Goodbody study uses building energy rating (BER) registrations to track the number of new homes coming into the market. This compares to Department of Housing figures, which rely on ESB connections. BER registrations are regarded as a more accurate barometer of house-building activity.

Mr O'Leary said there needs to be three times more housing units built if the supply of homes is to catch up with demand.

"More than a trebling of output is still required from here to catch up with estimated annual demand," he said.

Most construction activity is in Dublin, with almost half of all homes completed being in and around the city.

The fastest growth was in Dublin's commuter counties, which experienced a rise of 80pc compared with a year earlier.

The Greater Dublin Area accounted for seven out of 10 of the units completed in the first three months of the year.

"Our BER analysis does not pick up an element of self-build units. Assuming 1,500 are not picked up because of this factor, then annual housing output is running at 11,500," Mr O'Leary said.

He said this amounts to 2.4 house completions per thousand of the population.

This means housing output in Ireland is the fourth-lowest of the European Union.

Portugal, Italy and Spain currently have the lowest levels of output in the EU.

The European average is estimated at 3.4 housing units completed per 1,000 people.

"Given rapid population growth and a record low level of stock for sale, Ireland needs completions per capita to be well ahead of EU averages," Mr O'Leary said.

The Construction Industry Federation (CIF) questioned the figures.

Director of development, housing and planning services with the CIF Hubert Fitzpatrick said BER certificates were not a good measure of the level of new builds.

"There needs to be a better form of measurement of new builds," he told RTÉ's 'Morning Ireland'.

He claimed the number of new self-builds could actually be as high as 7,500.

The CIF is forecasting 23,000 completions in 2018.

The Department of Housing's official measure showed new builds of some 19,271 for 2017.

This compares with a figure of 9,441 based on BER certificates.

Proposed New Rules For Landlords

Earlier this week, Housing Minister Eoghan Murphy secured Cabinet approval for the new Residential Tenancies Bill. Once this passes successfully through the Oireachtas, the Residential Tenancies Act will give statutory effect to a host of new measures designed to dampen price hikes and to increase protections for tenants in the private rental market.

Rent transparency is one of the biggest issues to be tackled and it is proposed that the RTB will compile a list of rents in individual apartment blocks or streets and then publish the average price. Under the new rules, landlords who disregard the RPZ restrictions and illegally increase rents in excess of 4% per annum will stand to be criminalised.  Based on 2017 Q4 figures, the national average rent for new tenancies is €1,054 per month (up from €990 in 2016) and €1,511 in Dublin.

Significantly, the RTB is to be given powers to initiate an investigation without the need for a complaint to be made, meaning that the burden will no longer be on the tenant to report breaches. Other key changes include increasing the notice periods that must be given to tenants (this is a one-way change).

These proposed new powers  for the RTB have received mixed reviews. At the moment, the RTB is charged with resolving disputes between landlords, tenants and third parties and is often criticised for its pro-tenant approach to carrying out this function.  It is unsurprising that giving this body proactive powers to investigate suspected breaches in rental laws - rather than simply taking action on tenant or third party complaints - will raise a few eyebrows within the industry. In our experience, credible professional landlords want to see rogue operators taken out of the market. But is the RTB the right body to do this and will it be able to make the transition to enforcer? 

Surprisingly, there is no mention of any deposit protection scheme despite this being one of the top three disputes between landlords and their tenants. The number one category of dispute involves the non-payment of rent, rent arrears and over-holding. This regulatory move is likely to feel like another blow to individual landlords who are already shouldering an onerous tax burden when compared with institutional investors. 

Compliance is a necessary function of any professional landlord, however, this is particularly  tough given the lack of certainty and almost-constant flux in the regulations governing this sector. This might, in part, explain statistics from the team at Sherry Fitzgerald (who are involved in 15% of all residential transactions in the Irish market) revealing that for every one landlord entering the Irish marketplace, two are leaving. There does not appear to be any initiative to encourage new landlords into the market, despite the fact that meeting short-term housing targets under Rebuilding Ireland actually depend on this.

Of course, ignorance of the law is not an excuse; landlords will need to pay attention to new regulations and seek the necessary legal and property advice to avoid unwittingly falling foul of the system. The fines being considered are upwards of €15,000 and the Minister is apparently “exploring” options of jail time for non-compliant landlords. It is expected that this Bill will be prioritised, which means it could become law before the summer. Finally, it must be noted that there was no mention of the touted plan to prevent landlords who benefited from tax breaks from seeking vacant possession when they are looking to sell, however, this is likely to be sought by opposition parties.

11 Fun Things To Do At Home If You're Snowed In This Week

The Beast from the East is here, and heavy snow is expected across the country over the coming days.

If Met Eireann issues a Status Red weather warning, schools and workplaces could be forced to close. 

And you know what that means - a whole day at home to yourself! 

Here are some ideas for how to spend it...

1. Build a fort 

A snow day is the perfect excuse to act like a kid. Grab some blankets and chairs and snuggle up! 

2. Read a good book

Turn off Netflix and get through that novel you've been meaning to finish. You'll be glad you did. 

3. Cook a fancy meal 

You know those recipes that you really want to try but you know they'll take forever? Now is the time - just make sure you get to the shop before everything is gone. 

4. Play a board game 

A great way to spend some quality time with your flatmates or family. Just hope it doesn't end in tears.

5. Catch up on TV Shows 

Still haven't watched The Good Place or Black Mirror? Now's your chance. 

6. Get creative

This is a great chance to make a card for an upcoming birthday, do some sketches or write a short story. 

7. Discover some new music 

It's easy to get stuck in a rut, so why not make some playlists with new artists you haven't listened to before? 

8. Learn a new skill

Always wanted to learn how to knit, or speak Spanish? There are loads of how-to videos online, and Duolingo is great for languages. 

9. Have a dance party 

Pum up the jam and burn some calories - or learn a choreographed routine a la Ross and Monica. 

10. Have a fashion show 

Sort out your closet by trying on all your clothes. Do they still fit you? Do you ever wear them? If not, put them in a bag for charity. 

11. Set up a home spa 

Have a long, luxurious bath, put on a face mask and relax. You deserve it. 

Rents rise 10.4% as average price hits €1,227

A new all-time high for rents has now been set for the seventh quarter in a row, according to the latest report from the property website

Its quarterly Rental Report says rents rose across the country by an average of 10.4% last year, while the mean monthly rent during the final quarter of 2017 was €1,227.

In Dublin, the increase in rents in the year to December was 10.9%. That is 26%, or almost €380 a month, higher than the previous peak in 2008.

In the cities of Galway and Waterford rents rose by just over 12% last year , while in Limerick city, the increase was nearly 15%.

In Cork, the rise in rents was almost 8%.

Year-on-year change in rents - Q4 2017

  • - Dublin: €1,822, up 10.9%
  • - Cork: €1,180, up 7.7%
  • - Galway: €1,096, up 12.4%
  • - Limerick: €1,004, up 14.8%
  • - Waterford: €835, up 12.1%
  • - Rest of the country: €860, up 9.8%

There were just over 3,100 properties available to rent at the beginning of February, which is the lowest since the series started in 2006.

Economist says rent pressure zones not working

Economist at Trinity College Dublin and author of the Daft report, Ronán Lyons said: "2017 marks the fourth consecutive year of double-digit gains in rents nationwide.

"The underlying pressure for rising rents remains due to a chronic shortage of available rental accommodation, at a time of strong demand."

Speaking on RTÉ's Morning Ireland, Mr Lyons said the report captures the market value of rents, but a tenant could end up paying more than the asking price if demand is high.

He said: "If market conditions are tight and a landlord posts a home for say, €1,200, it could very well be the case that the person who moves in is the person who offers €1,250 or €1,300, particularly when market conditions are tight.

"So there may actually be a downward bias in these figures. Rents could actually be higher than those figures."

He said it was clear that rent pressure zones were not working, adding that the shortage of accommodation must be addressed before the problem can be solved.

"If you want to stop rents rising, don't ban them from rising, tackle the underlying problem, which is a lack of supply," he said.

"I appreciate that if you limit rents from rising in the short term you protect some sitting tenants, but there are people who lose out because they can't move in somewhere. So, if you really want to solve this problem, rent pressure zones are not the way to do it. It's getting more supply."

Govt acknowledges rent prices likely to continue rising

In response to the report, the Government acknowledged that rental prices are likely to continue rising in the short term "until such time as the supply response helps to balance the current high demand, particularly in our cities".

It said it had "prioritised a range of further actions to ensure that existing rent predictability measures, such as the rent pressure zones and increased security of tenure, are fully respected and enforced".

However, a number of housing agencies, such as the Simon Communities and Focus Ireland, have said that the rent pressure zones were not working.

Focus Ireland Advocacy Director Mike Allen said: "The DAFT report clearly show that actions the Government has taken - such as rent pressure zones - have not been implemented effectively.

"Rents have now reached an all-time record of an average of €1,227. While the rent pressure zones have helped curtail rent increases for some sitting tenants there are so many loopholes in the legislation it is still far too easy for landlords to ignore."

Investors 'nervous' over interventions in market

The Irish Property Owners' Association, which represents the interests of private residential landlords, said the figures are rents being asked for on new tenancies and are not reflective of existing tenancies that are being renewed with the Residential Tenancies Board.

The association said every euro of rent received by landlords is significantly reduced by a variety of taxes, levies, charges and maintenance costs.

Margaret McCormack of the IPOA said keeping existing landlords in the sector is necessary to help deal with the problem of rising rent.

Also speaking on Morning Ireland, she said the constant intervention in the market is making investors nervous and it has been discouraging investment.

She said when there was a surplus of accommodation, rents went down and she said that landlords are being lost from the sector.  

She said in 2012, there was 212,000 landlords and now there are around 175,000.

"If we don't look at the fundamental problem and stop all the knee-jerk reactions, we have to get more properties out there, we have to keep our existing landlords and at the moment we're not," she said.

Rent increases 'absolutely' linked to homeless crisis

The National Spokesperson for the Simon Communities says it is clear that rent increases are "absolutely" linked to the homeless crisis.

Niamh Randall said rent pressure zones are clearly not working and intervention in the private rental sector is needed, in order to prevent more people from becoming homeless.

"We need to look at intervening in the private rental sector looking at HAP, look at rent supplement as prevention.

"This is about homeless prevention at this point in time. So unless we look at this as an emergency piece that we need to really intervene to keep people in the homes that they have, to prevent people from becoming homelessness and then look at how we support those trapped in emergency accommodation, to leave homelessness behind.

"Of course it's about supply, of course it's about affordable housing and it's about the State building home but as emergency intervention, we need to look at the private rental sector." 

She said the Residential Tenancies Board needs to be able to hold landlords to account and it is unfair to expect tenants to police the situation, adding that a register for all rents would be a good idea.

In addition, she said, any tax breaks given to landlords should be subject to conditionality such as the guarantee of rent certainty and high quality accommodation.

Elsewhere, the Social Democrats co-leader, Catherine Murphy, called on the Government to immediately introduce rent caps.

The Kildare North TD wants an immediate linking of rents to the Consumer Price Index until there is sufficient housing available to drive down costs.

Level of housing output needs to treble

The output of housing in Ireland needs to treble over the coming years in order to meet demand, according to the Goodbody housing tracker report.

Last year housing output grew by 77pc.

However, with medium-term housing demand running at around 35,000 houses per year, Goodbody said that it was likely that the Government will also need to significantly increase its housebuilding plans to ensure targets are met.

"New players such as Cairn and Glenveagh are expected to grow their output significantly over the coming years, but will only represent around 10pc of our estimated demand," Dermot O’Leary, chief economist at Goodbody, said.

Last year 9,513 new homes were issued with a Building Energy Rating (BER), up 77pc on the previous year, and it is estimated that between 1,000 and 1,500 homes were completed without at BER certificate.

This compares to the 19,271 electricity connections, which Goodbody believe is "significantly" overstating the level of new build in Ireland at the current time.

The Dublin area accounted for just over half of the new homes built last year, with a further 22pc completed in the commuter counties of Wicklow, Meath and Kildare.

Approximately 40pc of the population lives in these four counties, according to Census 2016.

Overall, the most popular type of unit built in Ireland in 2017 was a semi-detached house, accounting for almost four in ten of the total builds.

Detached units accounted for one in five of the units built, while apartments accounted for 16pc of the total.

Unsurprisingly apartments were the most popular type of new build in Dublin, where 1,477 units (31pc) were completed.

The capital city accounted for 95pc of the apartment units built in Ireland last year.

"This reflects the higher cost of building in this sector and the fact that it is uneconomical in the vast majority of the country to build apartments given current sales prices," Mr O’Leary said.

New guidelines to reduce the cost of apartment delivery are due to be implemented this year.

New council mortgage scheme to offer lower rates than most banks

  • Affordable Mortgage Scheme will begin on February 1
  • The loan can be used both for new and second-hand properties, or to build your own home
  • Income limits and maximum house price limits part of scheme

FIRST-time buyers will be able to get a loan worth up to €288,000 with an interest rate of 2.25pc for 30 years under the Government’s latest plan to tackle affordability in the housing market.

The new Affordable Mortgage Scheme offers lower rates than most banks – and significantly, the interest will be fixed for the duration of the loan.

Housing Minister Eoghan Murphy will today announce details of the scheme along with new proposals for building more mid-price homes and ensuring long-term affordable rents.

The Rebuilding Ireland Home Loan, which is likely to save homebuyers up to €10,000 over the lifetime of a mortgage, will be run by local authorities from February 1. It will be subject to the same lending rules as ordinary banks, which currently offer first-time buyers interest rates in excess of 3pc.

The Government loan can be used both for new and second-hand properties, or to build your own home.

But to qualify, an individual’s annual gross income cannot exceed €50,000, or in the case of a joint application €75,000.

There will also be a limit on the price of a home that can be bought from the scheme. In the Greater Dublin Area, Cork and Galway, the maximum market value is €320,000. In the rest of the country, it is €250,000.

House hunters looking to avail of the deal must also have had two insufficient offers or refusals for a mortgage from two lending institutions.

Mr Murphy said the scheme would offer buyers “absolute certainty of their repayments over the lifetime of the loan”.

“What this means essentially is that a person or couple can purchase a home, while ensuring that they can still keep their monthly repayments to one-third of their net disposable income – with no risk of their mortgage rate rising and so no threat to their ability to afford repayments, giving them certainty and security,” he said.



inRead invented by Teads

The minister will also use a housing summit in Dublin today to announce an affordable purchase scheme that will see affordable homes built initially on State land.


The State will retain an equity in all discounted homes sold. For example, a house that costs €250,000 may be made available to purchase at €200,000. 

The equity share can be paid off, interest free, by the purchaser at a later date. Or if the owner wants to sell early, the State can take that portion back at the time of sale.

Details of the full qualifying criteria have yet to be finalised ahead of a launch next month, but it’s understood the same income limits as under the Rebuilding Ireland Home Loan will apply.

Mr Murphy said that there were four “major ready-to-go sites in Dublin being advanced through procurement with construction likely to start before year-end”.

The third element of the minister’s announcement today will be an affordable rental scheme.

This will be done using a model that sees rent charged based on the cost of building the property, together with ongoing management and maintenance charges, but with a minimal profit margin included.

A pilot project on this initiative is under way in Dún Laoghaire-Rathdown County Council, in conjunction with the Housing Agency and an approved housing body, using publicly owned land.

The minister is in discussions with the European Investment Bank about cost rental and other affordable models that could work in Ireland.

Where house price growth is highest and lowest as the average deposit for Dublin home tops €50k

The average first-time buyer had an income of €77,000 and a deposit of €52,800 saved up before buying a home in the capital during 2017.

Dublin home-buyers have been faced with taking on "higher levels of mortgage debt" despite strict Central Bank lending rules designed to cool the market.

House prices are expected to continue to rise in 2018 but at a slightly slower pace due to a tightening of the lending rules, according to the latest house price report from

The report, which is published in association with Davy, predicts house prices will rise by 8pc overall in 2018, split between double-digit growth outside the capital and a rise of 6pc or 7pc in Dublin.

The median asking price for new sales nationally was €242,000 in the final quarter of 2017. In Dublin, the median price was €330,000 (up 6.2pc), and €195,000 (up 6.3pc) in the rest of Ireland.

The report notes that the Central Bank of Ireland has tightened its mortgage lending rules for 2018, which will affect trader-uppers.


First-time buyers (FTB) and second and subsequent buyers (SSB) mortgages are capped at 3.5 times income, known as the loan-to-income (LTI) limit.Up to last year, banks or other credit institutions could issue loans with up to 20pc of the combined value of FTB and SSB mortgages allowed above the 3.5 LTI ratio.

Under the revised measures, the proportion of mortgages allowed above the cap is split into separate FTB and SSB categories.

As of yesterday, 20pc of the value of new mortgage lending to FTBs can be above the LTI cap, but only 10pc of the value of new mortgage lending to SSBs can be above the LTI cap.

Conall Mac Coille, chief economist at Davy, said the tighter Central Bank rules will serve to slow house price inflation in Dublin.

"Asking prices have fallen in the final quarter of each of the last five years before bouncing back in the spring and we see that pattern continuing in 2018.

"However, due to the Central Bank tightening its mortgage lending rules we believe house price inflation in more expensive areas, like Dublin, will slow somewhat to around 6pc or 7pc," he said.

"Homebuyers in Dublin have been taking out higher levels of mortgage debt, but with the availability of credit constrained, further price increases will also be curtailed slightly in 2018.

"However, double-digit price gains are likely to continue outside the capital where the recovery began later, prices are cheaper and there is still scope for leverage on mortgage lending to rise."

Turning to the average income and deposit required to buy a home, Mr Mac Coille said: "The median first-time-buyer in Dublin during the summer had an income of €77,000, a deposit of €52,800 and purchased a home worth €321,000.

"This meant in Dublin the median house price-to-income ratio for first-time buyers was 4.2 [times income]. However, prices are less stretched in other areas of the country.

"The median first-time-buyer in Leinster had an income of €56,000, deposit of €22,000 but purchased a house worth €179,000 - implying a house price-to-income ratio of just 3.2 [times income]."

He also noted that there was a positive side to rising house prices, in the reduction of people trapped in negative equity.

"Many Irish households have been unwilling to move home due to their stretched finances, specifically their lack of housing equity," said Mr Mac Coille.

Managing director of Angela Keegan added that housing market transactions overall grew by 10pc in 2017 which also was a positive development.

"While the increase in transactions - it should come in around 55,000 for 2017 - is welcome the overall picture is that of an illiquid market hindered by the lack of fresh housing supply. If the Irish market was functioning properly we would be seeing around 90,000 transactions per year."

The average time to 'sale agreed' was just 3.8 months nationally and 2.8 months in Dublin.

"These figure show that whatever stock is for sale is sold ever more quickly," added Ms Keegan.

MyHome uses the median price or the 'middle price' as an average for its calculations.

How to make moving home easier on the children: 10 top tips

Are you looking to move house with young children? Here are some top tips on how to reassure them during the move

Whether you’re relocating to another part of the country or just moving around the corner, it can be an incredibly stressful time in your life, and adding young children into the mix can make it even more challenging.

Children can sometimes find it difficult to deal with change and moving house can be a huge step for them. However, if you take the time to prepare them for what to expect, listen to their concerns, and help them to see the move as an adventure, chances are they’ll come through with flying colours.

Ben Hudson, Director at Hudson Moody in York, shares his 10 top tips to help ease moving home with the children:

1. Prepare children for what to expect
Young children might not have a good understanding of what the term “moving” really means. Explain to them exactly what will happen and take the time to read some books about moving together. Also it’s important to make sure you visit the new property with them well in advance so you can point out all the positives before your moving day.

2. Let the children help you pack
If they’re old enough, let your children help you pack some of their personal belongings. Even at a young age, children can sort their toys and help you wrap objects in tissue paper or bubble wrap. If you’ll be putting some things into storage, ask them what they would like to keep and what they don’t mind parting with for a while.

3. Take children’s concerns seriously
Older children will probably have lots of questions and concerns. Always treat children’s feelings with respect, even when you can’t accommodate their requests. Moving away from friends can be a major concern. Why not buy your child an address book and ask their friends to write in their names and addresses so they don’t lose touch?

4. Time your move
Sometimes, circumstances dictate when you have to move. But, if you have a choice, try to time your move so that it occurs at a relatively calm period in your child’s life. School holidays may seem the perfect time but, bear in mind, the school routine can support your child as at least one aspect remains familiar. It also provides valuable, uninterrupted packing and unpacking time for you.

5. Pack a special bag of favourite toys and activities
Invest in a small backpack or overnight bag that will stay with your child through the entire move. Children can keep special items in this bag, in addition pack a few things that they can play with during the journey to their new home.

6. Label boxes of children’s things very clearly
The day will come when you find yourself digging through boxes looking for the toy that they ‘absolutely have to play with right now’. Don’t just label boxes with the word ‘toys’. Include as much detail as possible about what is in the box and who it belongs to. It also helps ensure boxes are delivered to the right room when your belongings are unloaded.

7. Make it an adventure
Moving creates upheaval in your life and wreaks havoc on your child’s normal routine. Let your children do things you normally wouldn’t on the special understanding it’s a ‘moving day’ treat. Why not provide a ‘treasure map’ for them to follow where ‘X‘ marks the spot? It will also help your child familiarise themselves with the locality of their new home.

8. Make a big deal about all the exciting new things you can do
A new home means new friends and new opportunities. Get out and explore new attractions that you can visit if you’re in a new city, or take advantage of all the things your new home has to offer that your old home didn’t.

9. Make it feel like home
Once you’re in your new home some things will have to change. But try to maintain the aspects of your life that are most important to your children. Stick as closely as you can to familiar daytime and bedtime routines. Ensure you hang or display some of your cherished and familiar personal items as soon as possible – this will help to make a new house feel like home, for both you and your children.

10. Don’t rush yourself
It’s hard to accomplish any task quickly with small children under foot. Give yourself lots of time to plan and execute your move and don’t be in a hurry to unpack. If you immediately start pulling everything out of boxes, you’ll have piles of stuff everywhere and the clutter will create unnecessary stress for everyone in the house. Take your time and unpack what you need slowly and gradually.

Once you’ve unpacked, if you can, keep the moving boxes for your children. They make wonderful tunnels and space rockets and will keep them entertained for hours!

Compensation to be paid 'by Christmas' for tracker victims

Over the course of the week, CEOs of eight other institutions that overcharged customers will be hauled in for meetings, including Ulster Bank tomorrow and AIB on Wednesday.

Sources told the Irish Independent the vast majority were expected to agree to a demand to begin compensating customers before the end of the year.

However, it is understood one bank is showing resistance to the Government’s intervention.

“There seems to be movement with all of them except one but we’ll see what the meetings bring. If they don’t co-operate, then we will insist on enforcement action immediately,” said a source familiar with the process.

The source pointed to the case of Springboard Mortgages which was last year fined €4.5m for overcharging customers for their tracker mortgages.

The lender agreed to pay the penalty, which had been imposed for breaches under the Central Bank’s consumer protection codes.

“The reality is enforcement isn’t about the fine. It’s about reputational damage for the bank,” a source said.

At least 20,000 customers are believed to have been wrongly denied a tracker mortgage in that they paid thousands of euro more in interest than they should have.

Fianna Fáil has estimated the ultimate cost of redress and compensation could amount to €500m.

Ahead of Mr Donohoe’s meeting, Junior Finance Minister Michael D’Arcy has offered the lending institutions “some friendly advice”, saying they need to fix the situation or they will be heavily affected by Government action.

He said “the well is empty” in terms of patience with the banks, and all options are on the table.

Mr Donohoe will brief the Cabinet on his discussions when ministers meet this evening. The meeting has been brought forward from tomorrow because Taoiseach Leo Varadkar is travelling to France to meet with President Emmanuel Macron.

Mr Varadkar said “less than half of people have been compensated”.

“That’s not good enough. We’d expect compensation to be under way at the very least by the end of the year.

“We’re very frustrated with the lack of progress to date. We’re certainly not ruling out further regulations, further sanctions or additional taxation of the banks.”

However, speaking at Fine Gael’s presidential dinner over the weekend, he refused to criticise Central Bank Governor Philip Lane for his performance at an Oireachtas committee last week.

Prof Lane said the Central Bank was asking banks to write to people they refuse to give trackers back to, and told victims they can either go to the courts or ombudsman. This is despite the fact the Central Bank has warned there will be “substantial” numbers in addition to the 20,000 tracker-denial cases already disclosed.

Asked whether Prof Lane’s statements failed to meet expectations, Mr Varadkar said he would “rather see the pressure and focus being put on the banks over the next week or so”.

But Environment Minister Denis Naughten last night told the Irish Independent that the Central Bank “must review its own handling of this entire issue from start to finish”.

He expects the banks’ CEOs to bring a “concrete timetable for the restoration, redress and compensation plans for customers”.

“These customers have been unfairly and unscrupulously targeted by financial institutions and, as a result, have exposed an underlying culture which clearly still exists within the financial services sector,” he said.

Vacant site levy may raise extra €16m for State

But councils and public agencies also liable

The increase in the vacant sites levy could result in at least an additional €16m for the State if property owners fail to develop the sites after the first year.

However, with the State itself owning significant properties on the register, at least €4m of this figure will be owed to the State by its own agencies.

In Tuesday's Budget, the levy was more than doubled from the current 3pc that applies in the first year to 7pc for all subsequent years.

Any owner of a vacant site included on the register who does not develop their land next year will pay an initial 3pc levy in January 2019.

The Budget increase announced this week will see that rise to 7pc from January 2019 onwards.

To date, only five local authorities in the country have included properties on the vacant sites register, which must be compiled by each of them since the beginning of this year.

Dublin City Council has the largest number of properties on its register; 65 are listed, with a total valuation of almost €230m.

However, of this, 11 sites with a valuation of over €58m are owned by State agencies, including Dublin City Council, Nama, the OPW and the HSE.

Nama has a vacant site in Sheriff Street Upper, valued at €12.5m. Dublin City Council owns vacant sites in O'Devaney Gardens, including St Bricin's Military Hospital, the corner of Marshal Lane and Bridgefoot Street, the corner of Russell Street and North Circular Road, Dominick Street, the Readymix site in East Wall, and the corner of Ashtown Grove and Ashtown Park.

The OPW has vacant sites at Military Road and St John's Road West, and the HSE has vacant sites at the former Donnelly Centre in Cork Street, Dublin 8.

Waterford City and County Council has the second largest number at 21, but it does not provide a property valuation for any of the sites listed on the register.

It is followed by South Dublin Council, with eight properties totalling a valuation of €7,075,000 on its register, and Donegal County Council, with four properties with a combined value of €475,315.

Wexford County Council has three properties on its register, with a combined value of €400,000. The remainder of the local authorities have either listed zero properties on their registers or failed to provide the register publicly.

A number of these stated that their registers remained empty as councils were in the process of documenting that the sites identified have been vacant for the past 12 months.

Legislation requires that a site has been vacant for the past 12 months in order for it to be placed on the Vacant Sites Register.

Other councils said that they were reviewing their county development plans to incorporate provisions to enable identification and inclusion of specific sites.

A spokesperson for the Department of Housing said it could not put a figure on what it expected to yield in tax from the levy increase.

"The department does not keep a database of vacant sites nationally. Each local authority is obliged to hold its own register.

"We wouldn't know until the register is compiled [what tax it would yield]. And there is also an appeals process, which is open to any property owner included on a register," said the spokesperson.

He added that he expected the registers to be fully compiled by early in the new year as the levies announced in the Budget will come into effect from January, 1, 2019.

Over 10,000 contact new empty houses database with vacant property data across Ireland

Over 10,000 people have contacted a new national database aimed at recording and utilising Ireland's stock of vacant houses.

The was launched last month, a digital resource that invites submissions from local communities providing information on the empty properties in their area.

The Mayo County Council initiative then uses the data garnered from these anonymous submissions so that local authorities can get in touch with the owners and determine if the property can be re-used quickly and converted into social housing.

Borne out of the council’s commitment to the Government's vacant housing strategy, the initiative has seen a surge of interest with 1,000 properties countrywide registered to date.

According to Census 2016, 183,312 homes are currently vacant in Ireland, not including 62,148 vacant holiday homes.

Fianna Fáil leader, Micheál Martin has said that there are now 5,187 adults, 1,400 families, and over 3,000 children homeless here.

Tom Gilligan Director of Services, Mayo Co Council has called for Irish citizens to log onto and list any property they think could be utilised to help tackle the housing crisis.

"We want to ensure that is an on-going initiative and a relevant resource for local authorities, aiding them in getting as many of the 183,312 unoccupied properties back in use by the people that need them most," he said.

Some 58pc of properties logged on the new database are located in Leinster,  where demand is highest while other vacant properties were recorded in Munster (23pc), Connaught (15pc) and Ulster (4pc).

The most recorded property type is detached at 34pc, with semi detached accounting for 29pc of the submissions on the database. 

Housing Minister Eoghan Murphy has repeatedly said that more radical measures need to be taken to stem the flow of people into homelessness and to stimulate the housing market.

Following a housing summit with the heads of the country's local authorities the Government announced a new suite of measures to tackle the housing crisis.

The minister announced that government will offer homeless families from Dublin the chance of a house in rural counties, in a radical bid to ease the current crisis.

Those wishing to move to other parts of the country will be assisted under the first part of this new housing strategy. 'The Place Finder Service' was previously discussed in the Programme for Government talks.

The Housing Minister said an extra 200 extra emergency beds will be delivered for homeless people by December.

He also pledged to build an extra 800 social homes next year bringing the total from 3,000 to 3,800.

A further €10m in funding for more Family Hubs is being ring-fenced, as demand arises from Local Authorities, to be drawn this year.

Minister Simon Harris plans to increase his department's annual social inclusion budget for homelessness to €36m in 2018.

Mortgage wars: Rival banks expected to reduce rates in response to AIB cuts

Mortgage lenders will now have to cut their rates in response to AIB reducing its variable, fixed and loan-to-value rates, experts said.

Stockbroking analysts said AIB has now put huge pressure on Bank of Ireland and Permanent TSB, in particular.

AIB's move to cut its variable rates by 0.25pc to 3.15pc from November will mean a huge gap emerges with the Bank of Ireland variable rate.

From next month, AIB's variable rate will be 1.35 percentage points lower than the Bank of Ireland one.

Bank of Ireland has a strategy to win mortgage business by offering up to 3pc of the value of mortgages in cash-back to new customers. It may now decide to weather it out, or only slightly tweak its fixed rate offering, analysts said.

But Permanent TSB is likely to be under pressure to respond to AIB's rate cut.

The move by AIB to cut fixed rates, and reduce its overall interest rate margins, also means there is now no expectation of a rise in European Central Bank rates until 2019 at the earliest, analysts said.

"AIB's move potentially puts more pressure on the other banks to respond," analysts at Goodbody Stockbrokers wrote in a note to investors.

Experts also say that AIB's move to cut its fixed rates from Monday by up to 0.5pc will help it protect its leading market position in a growing market.

Cuts are expected in the coming weeks from EBS and Haven, which are both AIB subsidiaries.

And the reductions are also likely to raise further additional competitive pressures across the market in due course, Goodbody said.

Investec's Philip O'Sullivan said that the European Central Bank and wholesale market rates of zero are set to continue next year.

It will be 2019 or 2020 before the "interest rate environment begins to normalise", according to Mr O'Sullivan.

Fianna Fáil finance spokesperson Michael McGrath said the AIB move shows that banks can afford to cut rates and still achieve more than healthy profits.

The onus now is on other banks to introduce further rate cuts if they don't want to lose market share, Mr McGrath said.

He also called on Bank of Ireland, Ulster Bank, Permanent TSB and KBC to introduce rate cuts.

Meanwhile, the AIB Group has been called upon to immediately cut the mortgage rates at its EBS and Haven subsidiaries.

There are indications the banking group may lower EBS rates in coming weeks, but the failure to announce EBS reductions along with the AIB cuts has annoyed mortgage campaigners.

Brendan Burgess of the Fair Mortgage Rates campaign welcomed the AIB reductions, but said a large gap had now opened up with EBS.

The EBS variable rate is 3.7pc compared with AIB's, which is due to fall to 3.15pc at the start of next month.

"EBS customers are furious that they are not benefiting from these rate cuts. EBS is funding its cash-back offers to new customers by charging existing customers more. The quicker the Dáil bans these cash-back offers the better," Mr Burgess said.

Property prices are rising at the fastest pace in three years as supply hits a 'critical low'

RESIDENTIAL PROPERTY PRICES are increasing at the fastest pace in three years as the stock of properties available for sale nationwide hit a new “critical low”.

According to the CSO Residential Property Price Index, prices across Ireland increased by 12.3% in the 12 months to July. The 3% rise since June was the largest monthly jump in prices for three years.

Since last July, the price of residential property in Dublin has soared by 12.7%. The price of a house is up 12.6%, while the cost of an apartment in the capital has increased by 12%.

Residential property prices in the rest of the country, excluding Dublin, were 11.7% higher in the year to July.

The fastest rise in house prices was in the west of Ireland, where prices were up 15.8%, while the slowest rate of growth was in the mid-west region, where costs were up 8.2%.

Compared to the trough in early 2013, property prices nationwide have increased by 60.5%.

Over the past four years, residential property prices in the capital have increased by 77.4%, while property prices in all of Ireland when Dublin is excluded are 51.2% higher.

Last week, a Davy research note indicated that housing demand could be as high as 50,000 new units per year until 2021.

Source: CSO

Critical low

Meanwhile, analysis published today by Sherry FitzGerald said that the stock of properties on the market is now “critically low in all urban areas”.

Research by the real estate agent showed that property advertised for sale has fallen by 9% nationwide in the 12 months to July 2017.

There are now 25,100 housing units available for sale in Ireland, which is little more than half the number advertised for sale in July 2010.

“Such low stock will inevitably put increased upward pressure on prices,” said Sherry FitzGerald chief economist Marian Finnegan.

Each of Dublin’s four local authorities, and commuter counties such as Meath, Kildare and Wicklow, have experienced a drop in supply since July 2016. The largest decrease was in Dublin city, where supply fell by 19%.

There were 3,900 units advertised for sale in Dublin in July 2017, compared to 4,500 a year earlier.

There was a similar trend in regional hubs such as Galway, Cork and Limerick. The number of homes on the market dropped in all three of the cities.

Less than 1% of the total private housing stock in both Cork and Galway cities is available for sale, which translates to 271 units in Galway city and 451 in Cork city.

Source: Sam Boal


Earlier this year, the National Competitiveness Council warned that soaring property prices pose a “significant threat” to the country’s economy.

The organisation said that it was “especially concerned” by the dramatic increase in residential rents, noting that prices in some locations have exceeded boom-time levels.

“Rising rents and increasing house prices will inevitably impact upon wage demands, increase the cost of living and will damage competitiveness.”

The council also warned that this could have “significant adverse consequences” for the entire economy.

Red flags and hidden costs: Need-to-know tips for the first-time buyer applying for a mortgage

Are you trying to save in the hope of securing a mortgage - but confused about what lies ahead?

In the year to date, mortgage approvals for first-time buyers are up 43pc year-on-year, but this doesn't mean it's an easy process. spoke to the experts about what first-time buyers should be looking for:

What is the main thing to note when you’re shopping for a mortgage?

Managing Director at Bluewater Financial Planning Steven Barrett said the first thing a first-time buyer should look at is the interest rate that lenders are offering.

"It is so hard to get a mortgage these days, there are no myths really, it is actually a very difficult process," Steven told

"The interest rate is the big thing to look out for, how much you’re going to repay.

"First-time buyers tend to look for the longer term which is better so you can borrow more money to get started. If you’re looking for the longest term, you’re looking to keep down repayments.

"This is new for people to hear, they’re not taught these things about finance or mortgages in school or college."

Independent financial advisor with 52Financial Ross Connolly said he would advise speaking to a mortgage broker.

"Obviously I'm biased but the benefits of having a broker are; we do the shopping around for the client, we build a file which would be neutral and throughout the process we think of which bank we think would be most suitable for the client," he said.

What are the red flags banks look for when you’re applying for a mortgage?

"Overdrafts that are not organised or arranged with any bank are also a big no-no," Ross Connolly said.

"We stay away from overdrafts. You don't want to paint a picture of someone who is living from pay cheque to pay cheque. You don't want to be seen to be gambling or any excessive spending. We would cut that down. The accounts need to be clean."

He said that they advise customers to do an Irish Credit Bureau check on themselves online at to make sure they haven't missed any old credit card bills or supermarket clubcards they didn't realise they had signed up for.

"The aim is to catch any missed payments at all," Ross added, "just so you have any questions answered before the bank has to ask them."

Steven Barrett of Bluewater Financial Planning said the first thing a bank will do is look at someone's credit rating.

“I’d always advise people to get a copy of their own records so they know what they have, it is the first thing a bank will do," he said.

"My advice to first-time buyers is to make sure the minimum credit card payments are paid off each month because that will affect your credit card rating and make it more difficult to get a loan.

“Missed payments on your direct debts are a big no-no as well. Banks do go through statements line by line. These days, people do spend a lot with their debit card, so your whole lifestyle is showing up on bank statements. If you miss payments, the bank will say, ‘well this person isn’t paying their bills and it is a red flag’.

“You can get declined for repeated missed payments,” Steven added.

What if I have savings or debt in other accounts, like a Credit Union account?

There is no problem having savings in a different account, you can bank and save whatever and wherever you want, mortgage specialist with Mortgage Negotiators Shane Connole advised.

"You can bank and save wherever you want, and you can walk in to get a mortgage wherever you want. Just because you bank with Bank of Ireland doesn't mean you can't shop for a mortgage with KBC," he said.

"The debt on the other hand, you can have your loans wherever you want but this may have a negative impact on your loan approval.

"The debt will absolutely contribute to your credit rating, but it can also have an effect on how much you're borrowing."

Is it true online gambling accounts are a 'no-no' when applying for a mortgage?

The short answer is yes. Steven Barrett of Bluewater Financial Planning describes online betting accounts as a “big no-no”.

“It’s a big no-no if you’re using Paddy Power and other gambling websites on a regular basis.

“When people gamble regularly, they tend to leave the money in the online account if they win and this only goes one way. If they can see that you’re a regular gambler, they will refuse a loan.”

If I’m renting, will the bank take it into consideration for a credit rating?

Banks will take your monthly spend on rent into account for your repayment capacity, Ross Connolly advised.

"When it comes to the savings aspect, the repayment capacity would be the correct label to put on it.

"A couple paying €1,000 a month in rent need to know that this €1,000 will go towards their repayment capacity for a €1,200 a month mortgage, it will be considered savings for want of a better word.

"If you can get a car loan cleared coming up to the application, this can also be considered as repayment capacity."

Can I get a financial gift from a relative?

Mortgage specialist with Mortgage Negotiators Shane Connole said the simple answer is "yes".

"There are no rules around it," he said, "but there are areas to watch out for. No bank likes approving mortgages where your own contribution is a 100pc gift. They would expect for a 10pc deposit, that 5pc of the money is your own savings and the other 5pc could be your gift. An example, you're buying a house for €200,000 and need a €20,000 deposit. You will need to show that €10,000 of that is from your own funds."

The second aspect of receiving a gift is to watch out for tax, Shane Connole advised.

"It's better to receive the gift from a relative in a direct bloodline, based on the tax position. If you're getting a gift from an aunt or cousin, the bank will want to know how you will pay the tax and revenue on it.

"Finally, the bank will want to see the gift money in your own account at a certain stage of the process."

Are there any myths or misconceptions you've come across?

"I wouldn't come across a lot of misunderstandings," 52Financial's Ross Connolly said, "but some people don't understand the reason behind the saving.

"The main reason to save is so you can prove you have the repayment capacity when it comes to your mortgage.

"If your mortgage repayment is €1,000 a month, they may look for €1,200 in repayment capacity in case there is an increase in interest rates.

"People nowadays do seem to be more educated about applying for amortgage.

"It is rare that I come across an online betting shop in a bank statement. There is a high level of advice out there," he added.

If I'm buying a doer-upper, can I get any special treatment?

There are a few things to note if you're investing in a doer-upper, mortgage specialist Shane Connole said.

"The key areas are; do you need planning permission, you need invoices for the work you're doing to the property, and you need to ensure the loan you're applying for does not exceed 90pc of the total end value of the property.

"If you buy a house for €200,000 and do €50,000 worth of work, this does not mean the end value of the house if €250,000.

"The rule is it's 60pc of the value of works. So if I buy for €200,000 and I do €50,000 worth of work, the end value of the house would be €230,000.

"A lot of people fall flat on that. Banks cannot lend more than 90pc of the value per completion.

"You will also need invoices and typically you need a registered builder's invoice."

Shane added that there is not a 'scheme' asuch in place for those buying doer-uppers, but you can receive the money in stages.

"You get the first part of the loan paid down when buying the house, and then your value of works is split into two payments. You receive one payment when half the work is done on showing an invoice, and you receive the second payment when the works are completed."

So, you’ve saved for your deposit – are there any hidden costs?

As well as your deposit, financial experts advise that you have the money aside to pay for the extra costs which include stamp duty, solicitors’ fees and surveying fees.

“First-time buyers will have to have a 10pc deposit saved, but you will also need to show that you can pay for the associated costs,” Steven Barrett said.

“You could be paying up to €2,000 for a solicitor, and when it comes to conveyancing, it does need to be done properly by a qualified solicitor. Cheapest is not always best.

“You are talking another few hundred euro for a surveyor, and you have to be able to show the bank that you have that in addition to your deposit.”

Any expert tips for the first-time buyer?

Bluewater’s Steven Barrett believes a separate savings account is key to securing a mortgage.

“Having regular savings each month is a big plus, having an account where regular money goes in and you don’t touch it,” Steven said.

“If you’re putting in a thousand euro on a regular basis but then taking money out of it, they’ll just say, ‘well, this person isn’t really saving’, even if it’s just every quarter, they’ll discount it or they’ll average it out.”

He continued; “Regular saving is the key. If mortgage rates go up by 2pc you need to show you can afford the higher repayments. If you’re paying rent, you need to show that you’re also regular saving in an account you don’t touch.

“You need to have control over your finances and try not to have any debt.”