640 house hunters apply for just 30 affordable homes in south Dublin estate
However, by the time the window for applications closed on Tuesday, April 29, a staggering 640 applications were received.
Unlike the neighbouring Shanganagh development – the Land Development Agency's (LDA) flagship project and the State's largest public housing scheme rolled out alongside Dún Laoghaire-Rathdown County Council – the 30 homes at Woodbrook in Shankill were delivered solely on council-owned land in conjunction with the developer, Castlethorn.
More than 2,000 people in the north Wicklow and south Dublin region threw their names in the hat for what was effectively a lottery process for just 195 cost-rental homes at Shanganagh Castle, just before Christmas last year, and it was only to be expected that Woodbrook would attract a huge number of applicants.
Woodbrook comprises some 685 three, four and five-bedroom houses, and a wide range of apartments and duplex homes in a variety of layouts.
The 30 three-bed homes are reduced by some 40pc of their market value, with 17 houses available for €336,000 (value €560,000); four larger homes for €378,000 (value €630,000); and nine further homes for €393,000 (value €655,000).
The affordable purchase price is calculated by Dún Laoghaire-Rathdown County Council based on the 'purchasing power' of eligible applicants.
This takes into account applicants' maximum mortgage capacity and the minimum price set for the home by the council. The applicant's purchasing power must not exceed 80pc of the market value of the property and is worked out as a combined total of:
Maximum mortgage capacity, i.e. four times gross household income; a minimum deposit of 10pc of the affordable purchase price; relevant savings (if you have savings above a certain amount, you may not qualify for the scheme, but you can have the money to cover the deposit on the home and an additional €30,000).
The Affordable Housing Fund is there to make homes available at a reduced price for buyers who are seeking to buy a newly built home but need to bridge the gap between their mortgage and deposit to cover the full price of the home, in other words, if, like so many, they cannot afford the home at its open market value.
The scheme provides buyers with what is known as an equity facility. This means buyers will enter into an 'Affordable Dwelling Purchase Agreement' with the council and will receive funds in return for the council taking a percentage ownership in the property purchased. The percentage ownership held in the home is known as an equity share. The buyer can then redeem or 'buy out' this equity share at a time of their choosing, but there is no obligation to do so. If the buyer chooses not to redeem the equity share while living in the home, the Council can do so when the property is sold, transferred, or after the death of the owner.
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The scheme is targeted at first time buyers and each person included in the application must have the right to reside legally in the country.
The popular development is located within the long-established Woodbrook Golf Club, and will feature an on-site creche, primary school and neighbourhood centre. Shankill village is just a short stroll away, and one of the big bonuses for residents will be the new, dedicated Woodbrook Dart station, which is scheduled to open later this year.
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