House hunters endure five-day queue for sale

We thought we’d never see the likes again — queuing for days to buy a house.

A number of eager property-hunters have been camped outside the Millers Glen development in Swords in North Dublin since Tuesday lunchtime, despite the fact that the 60 newly built homes will not go on sale until Saturday.

The houses range in price from €239,950 to €425,000. The sizes of the properties vary from two to four bed.

Selling agent Sherry FitzGerald said the houses will be sold on first come, first served basis once the gates open on Saturday.

Meanwhile, property expert Frank Quinn said a two-tier solution to Dublin’s housing market is required to prevent another property bubble from forming.

The lecturer of valuations at the Blackrock Further Education Institute said the sight of people queuing days in advance should prompt discussion on how to address the lack of housing available in Dublin.

“The problem in Dublin is that there has been very little built in the last five to six years. It’s hard to just turn that sort of supply on and off, which is why we get property cycles in the first place,” said Mr Quinn.

“It takes a long time to address supply, you have to buy land, service it, build the houses, market them and then sell them, not to mention securing the finance in the first place.”

Mr Quinn suggested a Vat reduction for developers producing new homes may be one incentive to tackle the problem long term, while ensuring that first- time buyers are those getting the limited property that is available at the moment may be a more immediate solution.

“At the moment there is a level playing field, but if possible there should be a penalty put on the stamp duty rate for investment property in Dublin,” he said.

Mr Quinn said that the rental market in the capital is also a cause for concern, and that the situation may be cooled with the introduction of longer-term leases.

“I don’t know if there is a bubble at the moment, but in Dublin there are worrying signs,” he said.

People queuing already for the launch of a new estate on Saturday.. Thought I'd never see the likes again.. #millersglen

— declan kelly (@decokel) September 2, 2014