Latest news with #Savills
Irish Times
10 hours ago
- Business
- Irish Times
Where is the value in increasing the Help-to-Buy scheme threshold?
Pre-budget submissions are all about pleadings. Every special interest group in the State makes a pitch for more resources. They all consider their proposals to be in the wider public and economic interest. Some are worthy, many more are largely self-interested. This year the whole process appears to have kicked off earlier than usual, perhaps on the understanding that the largesse of recent years is unlikely to be repeated this time around. In the first place, there is no election. Worries for the medium-term health of Europe's most open economy in a climate where tariffs, trade wars and an absence of consistency on policy are increasingly the norm also will inevitably push Ministers towards a more cautious approach. And for what money is available, the need is to prioritise investment in infrastructure. Expensive upgrades to electricity, water and sewerage networks that are increasingly being cited by foreign direct investors among factors counting against Ireland Inc are needed. READ MORE An EY survey on Friday found that more than two-thirds of Irish businesses 'are worried about securing enough energy to meet future needs', which is an extraordinary number. Put together, it means more things are going to be a tough ask to get over the line. [ First-time buyers in Dublin now locked out of Help-to-Buy scheme, warns Savills Opens in new window ] It seems a strange time then for estate agent Savills to be picking CSO house price data to press for an increase in the upper threshold for the Help-to-Buy scheme. Savills says first-time buyers in Dublin are paying an average of €515,000 for a home, putting them beyond the €500,000 ceiling for Help-to-Buy. It wants that ceiling increased to at least €621,000 to take account of inflation, it says. First, averages are notoriously prone to manipulation by singular expensive property sales. Second, the more reliable median data from the same CSO note shows that prices exceed €460,000 only in Dún Laoghaire Rathdown among the four Dublin local authority areas. [ Developers are bluffing when they say lower prices would undermine viability of house building Opens in new window ] Then there is the maximum available tax refund under Help-to-Buy, which is €30,000. Ignoring that when calling for a higher ceiling is not making property more affordable for first-time buyers in general, only for the very wealthy. It is worth remembering that while the marketing speaks about providing a helping hand for first-time buyers – with even the scheme's name selected for the same reason – Help-to-Buy was from the start a scheme put together to help developers make the numbers stack up on building starter homes. That's not happening, as supply constraints (and prices rising at their fastest rate in 10 years) attest, so for the State – and those first-time buyers – what is the value of widening the incentive?
Irish Times
11 hours ago
- General
- Irish Times
Peruse a lifetime's worth of art and antiques in the Dún Laoghaire home of their collector
House content auctions are rarer now than in the past, when viewing the interior of a discreet deceased neighbour's lavish home was a weekend hobby for many people. Nowadays, most houses are emptied of their furniture, precious paintings and various collectibles, and these items are put up for sale in auction rooms with a mélange of pieces from other homes. Not so in the case of 6 Royal Terrace West, Dún Laoghaire. The contents of the property will be on view in the house, July 12th-14th, 10am-5pm each day, in advance of the auction in Sheppard's auction rooms in Durrow, Co Laois on July 15th and 16th. Royal Terrace, one of the architectural gems of south Dublin, was built as two facing terraces on opposite sides of a four-acre park in 1860. The two-storey over basement homes were part of the expansion of Dún Laoghaire following the opening of the Dublin-Kingstown railway line in 1834 and the completion of the harbour in the 1840s. READ MORE 6 Royal Terrace West, Dún Laoghaire Front hall of 6 Royal Terrace West, Dun Laoghaire Until recently, number 6 was owned by Philip and Constance Murphy. Originally from west Cork, Philip was the youngest of six children of TJ Murphy, Labour Party TD and minister for local government in 1948-1949. Philip Murphy, who died in September 2024, was a solicitor and an avid collector of antiques. The house, which was put on the market by Savills with a guide price of €1,400,000 earlier this year, is currently sale agreed. Both Philip and Constance, who predeceased him, were active member of the Royal Terrace West Residents' Association. 'The terrace wouldn't be intact today if it wasn't for the work of Philip Murphy,' says a neighbour, Breasal O'Caollai. As well as campaigning against any development that would destroy the integrity of these Victorian homes, Murphy also led the campaign to bring the park back into public ownership. 'He was the custodian of the square since they moved there in the 1960s. He was concerned about maintaining the architectural heritage of the area and he persuaded the county council to buy back the land in the 1980s from Monkstown Hockey Club,' says his niece, Hilary Walsh. The Royal Terrace park, which has been planted with trees and laid out with paths and green spaces, is now popular among locals and visitors alike. The Murphy's Victorian terraced house has many original features, which are complemented with antique furniture, clocks, art and carefully chosen ornamental pieces. 'I can remember visiting the house, seeing all the clocks wound up, smelling the furniture polish and everything just so pristine,' says Walsh. And so, this house content auction offers members of the public a rare opportunity to see a lifetime's collection of antique furniture, oriental art and ornaments (including Chinese snuff bottles), several antique clocks and mirrors, silver and wooden boxes, in an almost museum like setting. 'Each item offers insight into a life lived with genuine engagement and appreciation for the decorative and historic arts,' says Michael Sheppard, who has been cataloguing the items over the past few weeks. A rare 19th-century French automaton bird clock under a glass dome (€5,000-€8,000) One of the more unusual items for sale is a rare 19th-century French automaton bird clock under a glass dome (€5,000-€8,000). It features a rotating tree with multiple taxidermy hummingbirds and other exotic birds perched among naturalistic silk flowers. The mechanism causes the birds to rotate in synchrony with the passage of time. Also of note is a mid-20th century hand-knotted Donegal wool carpet (€5,000-€8,000). This piece was inspired by the designs of Charles Francis Annesley Voysey, the English architect and designer renowned for his Arts and Crafts style wallpapers, fabrics and furniture – some of which can be seen in London's Victoria and Albert Museum. Antique furniture enthusiasts may also be drawn to a Victorian Wellington mahogany chest (€400-€600). Named after the 1st Duke of Wellington, Arthur Wellesley – who led the British armies to victory at the Battle of Waterloo in 1815 against Napoleon – the chest is tall and narrow with a single key locking all seven small drawers. This offers a perfectly secure, compact and portable storage for someone frequently on the move. Meanwhile, Whyte's Summer Online auction, which ends on Monday from 6pm, offers collectors a snapshot of 20th-century Irish artists, as well as affordable prints of works by Paul Henry and Jack Butler Yeats, among others. Frescati House in Blackrock, Co Dublin, by Peter Pearson Take, for example, the painting of Frescati House in Blackrock, Co Dublin, by artist and architectural historian, Peter Pearson. Painted in 1982, a year before the Georgian house was demolished, the painting is a reminder of its loss. Originally built in 1739 for the family of John Hely Hutchinson, then provost of Trinity College Dublin, Frescati House was later owned by the Fitzgeralds, who also owned Leinster House in Dublin and Carton House in Co Kildare. The Fitzgeralds named the house Frescati, a deliberate derivative of the Italian city of Frascati – a name which was revived for the Blackrock shopping centre, built on the land of the demolished mansion. A watercolour and pencil drawing of St Peter's Church in Drogheda, Co Louth by Thomas Ryan (€300-€500) September Morning, Castle Archdale, Co Fermanagh by Colin Middleton (€1,200-€1,500) A watercolour of the Museum Building in Trinity College Dublin by Eve Lyn Hope (€500-€700) Baked Beans Boy (€300-€500), the Self-Portrait by Paul Hewson (Bono) Among the lots at Whyte's auction are some interesting watercolours. These include a watercolour and pencil drawing of St Peter's Church in Drogheda, Co Louth by Thomas Ryan (€300-€500); a watercolour of the Museum Building in Trinity College Dublin by Eve Lyn Hope (€500-€700); and September Morning, Castle Archdale, Co Fermanagh by Colin Middleton (€1,200-€1,500). The Self-Portrait by Paul Hewson (Bono), entitled, Baked Beans Boy (€300-€500), is also sure to draw some interest. ; What did it sell for? Crossing the City by Jack B Yeats Crossing the City by Jack B Yeats Estimate £100,000-£150,000 Hammer price Unsold Auction house Bonham's Christian Dior flower brooch Christian Dior flower brooch Estimate €80-€100 Hammer price €200 Auction house Adam's 18-carat gold small mesh bag 18-carat gold small mesh bag Estimate €2,000-€3,000 Hammer price €2,400 Auction house Adam's Wicklow Early Morning by Sean McSweeney Wicklow Early Morning by Sean McSweeney Estimate €500-€700 Hammer price €500 Auction house Morgan O'Driscoll
Irish Times
a day ago
- Business
- Irish Times
First-time buyers in Dublin now locked out of Help-to-Buy scheme, warns Savills
Homes in Dublin are now beyond the reach of first-time buyers using the Government's Help-to-Buy scheme , estate agents Savills have warned. The property group says the average price of a new home in the capital is now €562,000 overall, citing Central Statistics Office figures. Among first-time buyers, it is €515,000. That is beyond the upper price limit of €500,000 that qualifies buyers for Help-to-Buy. The Government scheme allows people claim back income tax and Dirt paid over the previous four tax years up to a maximum of €30,000 or 10 per cent of the property's price. 'This means more and more new homes are simply out of reach under the current help-to-buy limit,' Mark Reynolds, managing director of Savills Ireland. READ MORE It says the help-to-buy scheme threshold should be aligned with inflation by increasing it from its current €500,000 cap to at least €621,000, reflecting the 24.2 per cent rise in inflation since 2017 and ensuring the scheme 'remains effective'. In its pre-budget submission , Savills also says the Government should reduce commercial stamp duty from 7.5 per cent to 2 per cent. The group warns that persistently high transaction costs are dampening investment in the commercial property sector. A reduction in stamp duty would 'stimulate investment in office, retail, and logistics assets and support FDI', it says. Mr Reynolds said bringing commercial stamp duty back to 2 per cent, as it was between 2011 and 2017, 'would send a strong signal that Ireland remains a competitive, investor-friendly location'. 'At a time when international capital is more selective, cost matters – and so does confidence,' he said. 'This is about restoring Ireland's competitiveness for investment and ensuring we have the modern offices, retail, and logistics spaces needed to support economic growth and jobs.' Savills also outlines additional priority measures that it says are required to remove structural barriers to housing delivery. These include expanding Uisce Éireann's statutory remit to 'enable the proactive delivery' of water and wastewater infrastructure 'rather than focusing solely on regulatory compliance'. 'This should be supported by increased capital funding to ensure timely and co-ordinated infrastructure delivery essential to meeting Ireland's housing needs,' it says. Among other recommendations is a call to fast-track the Shannon to Dublin water pipeline to secure long-term water supply for the Greater Dublin Area. Savills further calls on the Government to update construction labour forecasts in line with the 50,000-unit housing target and invest in construction skills pathways, including guarantees that apprenticeships are completed within four years. It notes there are approximately 62,000 fewer construction workers in the Irish workforce today than there were at the peak in 2007 – a reduction of around 26 per cent. 'We believe this is a fundamental issue that warrants immediate attention,' it says, echoing comments in the quarterly economic commentary published by the Economic and Social Research Institute (ESRI) earlier this week. 'Without action to expand and retain construction talent, we risk setting targets that are unachievable in practice.' Finally, the group is pushing for investment in enhanced housing market data services, including funding for real-time data systems to support better decision-making by policymakers and industry.
The Guardian
a day ago
- Business
- The Guardian
Homes for sale in harbour towns and villages in England and Scotland
This three-storey Victorian semi-detached house is on the market for the first time in 40 years. Situated on West Street, which runs parallel to the waterfront, it has steps down from the terrace to the quay. There is also an old boathouse with power and the potential to be developed. To the front there's an annexe, which could provide a fourth bedroom. On the ground floor, the drawing room has a window seat and fireplace, and steps up into the dining room and kitchen. All the main rooms and stone terraces have views of Fowey harbour. £1.5m. Knight Frank, 01392 848 839 Photograph: Knight Frank , Fife In the shadow of the historic red railway bridge that extends across the Firth of Forth is a four-bedroom house built in 1910 as a bungalow, and later remodelled to add first-floor bedrooms and a bathroom. The entrance opens into a dining room-cum-sitting room with the table in the bay window. There is a snug on the ground floor and a kitchen with breakfast area. Sitting on the water's edge, the cottage has a strip of lawn at the front within a walled garden, and faces towards the modern Queensferry Crossing. £495,000. Savills, 0131 247 3738 Photograph: Savills Overlooking the harbour, with views across the River Dart, is a three-bedroom apartment in a Grade II-listed building. The block dates from 1893, and has Elizabethan-style timber framing and balustrade balconies. The flat is set mostly on the first floor with a study or playroom on the second. The interiors reflect the period style – ornate cornicing, ceiling roses and sash windows. The main reception room is open-plan and dual-aspect with balconies on two sides of the flat. Royal Avenue Gardens is a couple of minutes' walk away. £825,000. Strutt & Parker, 01392 248 137 Photograph: Strutt & Parker/BNPS Sitting back from the harbour wall, in a string of terraced houses, is a five-bedroom period property. Run as a holiday let, the interiors are painted in a neutral palette with whitewashed wooden floorboards and views out across the Firth of Forth to East Lothian. At the back is a patio and a lawned garden. Pittenweem is a fishing village on the East Neuk coastline, and it is a short walk to a bakery, a doctor's surgery and a post office, as well as plenty of pubs and cafes. Along the headland is the tidal pool and the Fife coastal path. £639,000. Rettie, 01334 237 700 Photograph: Rettie In this heritage coast town and fishing port is a smart Georgian house, standing out in sky blue against the terrace of properties. Seagull House is believed to have been the home of a master mariner and many of the original features have been retained. It is just a street back from the harbour, and elevated; the sitting room and main bedroom have views of the sea. Two bedrooms are on the ground floor, the sitting room and adjoining kitchen on the first, and another bedroom on the second. There is a terrace to the front. £500,000. Savills, 01904 617 821 Photograph: Savills/BNPS
Biz Bahrain
a day ago
- Business
- Biz Bahrain
Middle East emerges as luxury retail's next powerhouse, says Savills
According to the newly released Savills Global Luxury Retail Outlook 2025, the Middle East is fast emerging as a key market for international luxury brands seeking expansion, driven by surging demand, wealth inflows, and increasing accessibility across the region. The report highlights the UAE and Saudi Arabia as stand-out performers, forecasting a net increase in consumer spending for 2025. Dubai and Abu Dhabi top the Savills Dynamic Wealth Index, with the UAE recording the world's highest net inflow of high-net-worth individuals (HNWIs) in 2024, estimated at 6,700. This influx is reinforcing the region's appeal for luxury brands and underlining its long-term growth potential. 'Set between East and West, the Middle East has become increasingly attractive to brands from across the globe. With a growing base of affluent residents and strong international visitor reach, it offers a unique opportunity for luxury retail expansion,' said Thea Rowe, Cross-Border Retail Lead, Middle East at Savills Middle East. The report also flags exponential growth in the region's food and beverage (F&B) sector, expected to more than double in size over the next four years. This complementary sectoral boom is supporting broader luxury ecosystem development and enhancing the appeal of mixed-use destinations. However, Savills notes that navigating the Middle East's fast-moving retail landscape calls for agility, local insight, and timely execution. In key markets such as the UAE and Saudi Arabia, developers are increasingly working to accelerated timelines, with full financial and conceptual proposals often expected within just a few weeks. As such, international brands are encouraged to invest in thorough due diligence and explore strong local partnerships to ensure a smooth and strategic market entry. 'With limited availability and strong demand, flexibility is critical,' added Rowe. 'While protecting brand integrity remains essential, those willing to adapt operationally will be best positioned to secure prime locations.' In line with these trends, retail developers are doubling down on experiential and lifestyle-focused retail formats. Luxury store formats are becoming larger and more immersive, with brands seeking to deepen engagement through curated, multi-sensory shopping experiences. Looking ahead, Savills anticipates sustained momentum in luxury retail expansion across the region over the next 12 months. Building on resilient consumer demand, brand appetite, and a continued inflow of high-net-worth individuals, the Middle East is well positioned to attract further flagship and high-end boutique developments. Dubai, alongside cities such as Bangkok and Kuala Lumpur, is identified as one of the markets best placed to deliver the most dynamic expansion opportunities in the near term, driven by rapid wealth creation, visitor appeal, and the ongoing development of high-quality luxury real estate. As global retailers cement their presence, the region is set to play an increasingly strategic role in luxury brand portfolios through 2025 and beyond. For further insights and detailed analysis, download the full Global Luxury Retail 2025 report from here.
