14 February 2008
No one would argue that First Time Buyers have had a tough time over the past few years, struggling to get on the property ladder, watching as prices of houses rose on almost a daily basis, making the idea of owning one's own home a very distant dream, unless big sacrifices were made - either on the size or quality of their new home, committing themselves to crippling mortgages, financial strain and an inferior quality of life due to less disposable income.
At the same time, it was a boom time for property developers with the demand for housing at an all time high.
However times are changing. There has been a significant downturn in the construction industry, house prices are dropping, the demand for houses at inflated costs have dropped and property developers have had to re-think their strategy and look to more realistic pricing of new properties.
For the first time in Ireland a new Housing Association has been formed to take advantage of the changing tide in the private property market. The Housing Association in question is "Tus Maith Housing", which is in the process of getting approval for a pilot scheme that could be rolled out throughout Ireland. The aim of "Tus Maith Housing" is to make it easier for people on moderate incomes to own their own home by guiding the first time buyer through the minefield of red tape and offering an innovative option for quality houses, 40% less than their actual market value. The new home owners may also be entitled to a mortgage subsidy, depending on their income.
The first project of "Tus Maith Housing" is being launched this week. It is located in the village of Kilgarvan, just 10 miles from picturesque Kenmare and 14 miles from Killarney town. The development is a series of 22 newly constructed three and four bedroomed detached family homes, in turn key condition, ready for first time buyers to make into homes. 10 of these homes are to be made available to the proposed pilot scheme immediately with the possibility of more to follow.
Sean Power, founder of "Tus Maith Housing" on the announcement of this new project stated "We see a gap in the market with developers sitting on unsold properties and buyers looking for a practical way of owning their own home, without crippling mortgages or compromises on size or quality."
For further information on "Tus Maith Housing" Association please call (021) 4874917 or for general sales enquiries and viewings phone Remax Kenmare (064) 42101.
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