Dublin commuters may risk negative equity
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Dublin commuters may risk negative equity
January 17, 2007 17:19
Homeowners in parts of the Dublin commuter belt are now at risk of negative equity according a new report.Houses in danger of losing value are those on the periphery of the greater dublin area or away from public transport routes.
The study, commissioned by the Society of Chartered Surveyors, found that there are people working in the Dublin area commuting as much as 100 km from neighbouring counties.
The report says there is a demand from people who bought homes outside Dublin to move back towards the centre, with areas like Dundrum, which are closer to the city centre and on a public transport route, are seeing big population increases.
However, some areas a little further out in the Dublin suburbs such as Templeogue, Ballinteer, Tallaght and Blanchardstown are seeing decreases in population.
Conor Hogan of the Society of Chartered Surveyors said that people who are working in the Greater Dublin area are commuting from as far west as Portlaoise, up to the border in Newry, from Offaly and Westmeath and from as far south as Gorey in Wexford.
He said those at greatest risk of negative equity would be those taking out a 100% mortgage on houses requiring a two and a half hour drive from Dublin.
Dr Brendan Williams of UCD who carried out the study said Dublin needs suburban renewal with public transport projects completed as quickly as possible.
When a market bull like Brendan Williams is saying this I would be worried.
Energy efficiency has for too long been ignored by homebuyers both in terms of U Values and more importantly in terms of commuting distance, mode and at a national level at mode provision.
The metro will never be extended to Tullow or Virginia
“However, some areas a little further out in the Dublin suburbs such as Templeogue, Ballinteer, Tallaght and Blanchardstown are seeing decreases in population.”
I was quite prepared to believe the thrust of the article until the above quote hit me……A DECREASE in Tallaght`s population..?? WTF….???
Unless…..all those apartments threatening the architectural splendour of The Square are in reality self-storage units..??? :confused:
Alek
I think the point he was trying to make does not not relate to the GTA but more to the older suburbs such as Firhouse, Springfield and Kingswood which like comparable areas such as Ballinteer or Lucan are suffering population decline due to the empty nest symdrome where the kids rent at City Centre location and then are priced out of the areas they grew up when it becomes time to put down roots and mortgage. They most often end up either building or buying a cast off bungalow in Cavan or buying almost exactly the same house they grew up in in Carlow or Offaly only to get fleeced by Irish Rail and then the RPA extracting yet another slice.
I am encouraged to see higher densities in Tallaght town centre being promoted although some of the developments in the vicinity of the Graveyard were of concern.
he used very poor examples of shrinking suburbs. Dun Laoghaire, Artane, Cabra, Blackrock, etc. the old suburbs, in other words, would have been better examples of the empty nest syndrome. Blanchardstown is in fact the fastest growing town/address in Ireland
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