Tiernan is 25 years in Dundalk Property Market

Article from ‘The Argus’ this week.

It’s  25 years since a  young Tyrone  man  arrived in  Dundalk, less than ten miles from the  place of  his mother’s birth and embarked   upon the  career of  his  choice. He started an apprenticeship  in the  local property  market  which he  completed  and went  on to establish  his  own  business Mallon Property that he  runs now  from 8 The Business Centre, Dublin Street.

 That  in  broad  terms  describes the professional  path that Tiernan Mallon has  followed, but  behind it is quite an  achievement and  one to be  proud of  to  manage to keep  up with  all the  developments, changes and  more significantly the  sizable  challenges  of a  profession in a  town that has  had to contend  with more than  most in the  country in that  quarter of a  century.

 His is a progressive, results orientated estate agency which specialises in residential sales, lettings, commercial, agricultural and all valuation sectors.

For over the  last  25 years  he has  gained exceptional experience in all  aspects of Agency  work, while  developing a  strong reputation locally as an agent that works at all  times  with honesty and  integrity.

 

Tiernan  has  come  through  all  that  with a  reputation enhanced for  coping  with  the vagaries of  trade  that  has equipped and  made him  better able to serve the needs of  his  customers and how  best to  advise them and handle  their  property  transactions.

 

He at this stage is accepted at one of the town’s own, having immersed himself in local sporting and community life. Part of his  roots  are from the  locality with  his mother (name include?) born  in Omeath, where  his  maternal  grandfather (name include?) was the headmaster of the  local national school for over  30  years.

 

Indeed the Mallon  family connection with the North Louth village is still  strong  as  Tiernan’s  brother Garrett resides in and runs a successful craft business from ‘The Masters’  old house.

 

For his part Tiernan remembers always feeling welcome and at home when he moved to Dundalk from Dungannon in 1988. Though a ‘Red Hand’ county supporter, he now proudly calls Dundalk home.

 

Outside property Tiernan is an avid scuba diver connected to Dundalk Sub Aqua Club and is a volunteer diver on the Search and Recovery unit attached to the club.

 

As a member of ‘Louth Trades Network’ he has enjoyed lifting a paintbrush and getting his hands dirty with several of their local charity refurbishment projects.

 

Over his years he was strongly involved in management of Seatown underage football teams in Dundalk Schoolboys League. He had been known to lace up his own boots in Dundalk Summer and Winter Leagues.

 

When his nerve was better he also fondly remembers lifting The League Cup in the old Commercial Club in the Dundalk Snooker League.

 

 In his profession he has collected a wealth of experience in property sales throughout the last 25 years having traded through bad times to good then back to these current tough times again.

 

He strongly believes that the current drastic reduction in Bank lending together with the current property value collapse will lead intending sellers to think long and hard before they appoint their agent. Is this the person that can ‘sell’ my home?’ should be the first question on their mind. To this end Tiernan has a guide on his website www.mallonproperty.com on choosing the right agent.

 

 ‘Traditional values still remain most important when dealing with people’s most valuable asset. I feel fortunate to have dealt with all aspects of estate agency and have at all times tried to deal with my business with honesty and integrity’.

 

 

 

 

 

 

 

 

 

‘House slump over but recovery will be slow’

Standard & Poor’s said prices had now fallen to a level that meant they were reasonably priced when compared with wages and with rents.

The agency expects economic recovery in this country this year and next, a move it said would support demand for housing.

“The Irish property market will likely continue to stabilise for the next two years, in our view,” the analysts said.

“The heavy slump in the Irish housing market appears to have bottomed out,” the report states.

House prices rose in the last three months of last year. This was the first time there was rise in a three-month period compared with the previous quarter for almost two years, S&P said.

But recovery is a long way off because of limited mortgage lending by banks and a glut of unoccupied properties.

The fact that there is little house construction is helping the market. Just 8,500 houses and apartments were completed last year, compared with 10,500 the previous year.

“This is well below the 2006 peak of 90,000 units, and below potential demand. This suggests to us that the overhang of unoccupied properties should slowly erode,” the housing report states.

S&P points out that larger areas such as Dublin, Galway and Cork have registered property price rises.

And there has been a rise in the number of transactions, according to data from the new property price register.

There was a surge of 37pc in the number of transactions last year, when compared with the previous year. But in the year to March, there was a fall-off.

Property Price Register goes Live

The Property Price Register includes information on residential properties purchased in Ireland since the 1st January 2010, as declared to the Revenue Commissioners for stamp duty purposes.To view Log onto www.propertypriceregister.ie

It contains the price paid for individual properties and contains details of all residential sales – both cash sales and sales with mortgage. The particulars published in the Register include the price, the date of sale and the address of each residential property sold in Ireland since January 2010. The information will be updated on a regular basis and, for the most part, the information will be published within a month of the date of sale of the property.

The facility will enable members of the public to discover easily and quickly prices paid for properties sold in Ireland since January, 2010. It will provide buyers and sellers with a service they have previously lacked namely, accurate and up-to-date information on the market price of individual properties.

Following today’s launch Alan Shatter, justice minister  said: 

In recent years, because of the steep downturn in the property market, it has been difficult to get accurate information on property prices. This uncertainty has led to a lack of investor confidence and has contributed to stagnation in the property market, particularly among first time buyers. The publication of the Register should help to remove some of this uncertainty, restore some confidence in the property market and provide transparency in residential property sale prices.

Commercial Property outlook ‘upbeat’

The prospects for the Irish commercial property market are more positive than any time over the past five years, according to Nama chief executive, Brendan McDonagh.

“Because of the 65% drop in prices over that period, commercial property valuations, particularly for office and industrial investment, look attractive and yields of over 8% must now be compellingly appealing to potential investors at a time when five-year euro government bond yields are 3% or less,” he said.

Mr McDonagh said that the changing perception of Ireland among international investors is helping underpin a tentative recovery in the market. “Our recent experience is that many of the investors who turned away from the country four or five years ago are now returning with an interest in investing in Irish debt and Irish property assets.”

Moreover, there is a growing demand for office space in Dublin.

Nama will make available €2bn in vendor finance over the next four years to potential buyers of commercial property assets — a significant chunk of which are located in Ireland. Total investment in the commercial property market in 2011 was just €200m, he added.    Irish Examiner

House prices on the up – except in the Capital

THE housing market is in recovery, even though prices fell again in Dublin last month.

That is the opinion of experts who believe that the property market is finally at the bottom.

Prices nationally rose by 0.5pc in August, the largest increase since just before the economic collapse in 2007.

However prices in Dublin continue to fall overall, although estate agents insist prices have risen by as much as 4pc since March in some areas.

Last month was the second in a row for house values to increase, according to the latest CSO figures, which are based on mortgage draw-downs.

More accurate figures are expected within days, when the new property register is published by the Property Services Regulatory Authority. This will give the sale price and location of every home sold since January 2010.

Economists say it is too early to conclude house prices will keep rising, but most agree that they have stopped falling.      Evening Herald

Property prices increase for second month

Residential proeprty prices have increased in The Republic for the second consecutive month sparking hopes that the market may be stabilising.

The latest figures are from The Central Statistics Office, widely considered to be the benchmark for property prices , show that prices increased 0.5 per cent in August compared to 0.2 per cent in July.

Property tax will not be set by new price register

THE EAGERLY anticipated property price register will not be used as a valuation tool for the forthcoming property tax, the Department of Justice has said.

The register, which is due to go online at the end of this month, has been long-awaited as the first transparent measure of house prices in the Republic.

A statement from the department ruled out the possibility that the register will be used to estimate the value of homes after the Government confirmed last week it will introduce a value-based property tax.

“It should be emphasised that this is not a property price index and will not form the basis for the valuation of any property tax,” it stated.

A department spokesman said that the basis on which valuations will be made will be a matter for the Revenue Commissioners.

Ronan McGreevy – Irish Times

Irish property market bottoming

Residential property prices in Ireland increased by 0.2% in July following a fall of 1.1% in the previous month, signalling hope that the market may be close to bottoming out.

The latest figures from the Central Statistical Office also show that on an annual basis prices are down by 13.6%, less than the 14.4% seen in June. Although overall the situation is positive, in Dublin residential property prices fell by 0.3% in July and were 16.6% lower than a year ago.

Experts believe that the Irish real estate market is drawing ever closer to bottoming out. According to the head of Bank of Ireland, Richie Boucher, the Irish real estate market is beginning to stabilise, in particular in urban areas. There has been a sharp rise in demand for Irish real estate from national and international home buyers in recent months, following one of the severest property crashes ever witnessed anywhere in the world.

Tight mortgage lending conditions and a general oversupply of homes combined with severe economic problems have hit the residential property market hard. Experts believe that with house building having come to a virtual halt, much of Irelands housing glut has now been absorbed by purchasers, particularly in urban areas, thanks mainly to significantly cheaper home prices. According to the latest Daft.ie Irish real estate report, the average price of a home in Ireland has declined by an average of 53% since the peak of the market in 2007.

Commercial lettings database

A new public database which will record details of all future commercial letting arrangements in the Irish real estate market and rent reviews under those leases is expected to have a significant impact upon negotiation of leases and rent reviews.

The Property Services Regulatory Authority (the “Authority”) was established as a statutory body on 4 April 2012.  Its functions include the establishment and maintenance of a database containing details of commercial leases and rent reviews.- Mondaq

Lloyds continues its Irish property retreat

 The Independent reports that Lloyds Banking Group is to put €2bn (£1.6bn) of Irish property loans on the market as it continues to retreat from Ireland.

The loans are a legacy of Lloyds’ 2008 takeover of Halifax Bank of Scotland, which included a vast amount of bad debts run up during the boom.

The €2bn portfolio is likely to sell for less than face value.

A spokesman for Lloyds declined to comment.

The sale is the latest in a number of similar, though mostly smaller, portfolios that have been put on the market by banks including AIB and Bank of Ireland. Lloyds is 40 per cent owned by the taxpayer after the 2008 rescue by the UK government.

In 2010 it took the decision to quit the Irish market by shutting down its operations in the republic.

The bank has taken £11.8bn in impairment charges on Irish loans since 2008, according to data compiled by Bloomberg News.

That means around 40 per cent of the original value of the Irish loan book has been written off.