West Cork property transactions at a 3 year high

The number of property sale transactions in West Cork rose by 19.6% last year, compared to the same period for 2012.  The figures are based on a study of the National Property Price register undertaken by Myhome.ie.  They show a total of €264m spent in the County Cork, up from €235m for the same 9 month period during 2012.

3 months left for the NPPR penalty grace period

The Non Principle Private Residence (NPPR) charge applied during the years 2009 to 2013 and was a charge on any residential property in which the owner did not reside as their normal place of residence. The charge, which raised €400m for the exchequer, is now discontinued, but the arrears that any owner accrued have not. Apart from the initial charge of €200 per anum per property, additional late fees have been accruing at a rate of €20 per month in the intervening period. Non-compliant owners have now been given a grace period during which there will be no new late penalties applied to existing liabilities between here and August 31st. In a hammer blow, if payment is not made in full, or settlement terms agreed, by the end of August, an additional late payment fee of €120 per year is applied and the total arrears multiplied by 50%.

These fees have to be paid prior to the sale or transfer a non-principle place of residence. For more information see www.nppr.ie

Interest Rate Cut is Imminent

The European Central Bank is concerned by the Euro’s strength, low inflation and weak lending to small and medium enterprises. As result a June interest rate cut is highly likely from the current 0.25%. This will mean good news again for tracker mortgage holders – don’t hold your breath but maybe this time the banks will pass the cut onto variable rate mortgages!

Water Rates facts - Undiluted

From this October you will be paying water rates. Here are the main points

  • The occupier of the residence is liable for the charge
  • If you have a private water supply and private septic tank you will not be liable for the charge.
  • A final price is to be decided but Irish Water have strongly hinted that on average €240 will be payable by each household every year.
  • Water bills will be lower if a house has its own septic tank or waste water treatment system.
  • 2 weeks before fitting you will receive an information booklet. A few days beforehand you will be notified when the meter will be fitted. It may take up to 2 hours.
  • If you meter has not been installed by the time metering commences you will be billed based on the “standard assessed usage” and occupancy of your household.
  • If metered the household will get a free 30,000 litres per year with an additional 38,000 litres for every child under 18.
  • Irish figures are not yet available but average water usage in the UK is as follows. 1 person house uses 68,000 litres, 2 person house 113,000 litres, 3 person house 157,000 litres
  • The chargeable period commences in October, and will be billed early next year.
  • The water meters will be available for the householder to check. This is important in order to establish whether there are any leaks. Irish water claim they will fix the first leak free
  • Irish Water will make a range of payments available including an easy payment option allowing regular payments of €10 upwards.
  • Meters will be fitted with an automated meter reading technology so meters can be read by technicians driving by
  • All meters will be fitted by 2016 but it will not be possible to fit meters in approximately 300,000 properties.
  • Non-payment may result in a reduced water pressure, however water cannot be cut off

For more information see www.moneyguideireland.com or www.water.ie

Cheapest county to buy a 3 bed semi in Ireland

A recent Daft.ie survey has revealed the average price for a 3 bed semi in Co. Laois is €55,000, which is €1,000 cheaper than an average 3 bed semi in Co. Roscommon.

Interesting West Cork Buildings

This month its Coppinger’s Court, found between Rosscarbery and Glandore. . Situated on private land, this multi sided 4 storey fortified house, with 9 gables dates from 1616 but had a short life. Built by Sir Walter Coppinger, a Cork merchant and money lender, this was reported to be the largest house in Carbery, with a chimney for every month and a door for every week of the year. It was ransacked and burned in 1641.