How does Part V work, exactly

Maurice Yeltsin

As it says on the tin.

Something that crossed my mind working on some pretty top end developments myself. The Part V scheme, as is my understanding the developer has to sell 10 percent of the housing at a discounted rate to the council.

Does every development in the country have homes being gifted as Part V, or can the developer build them together in a different location at a later date? As I understand this was often promised in the 2000s but often not followed through.

On developments where the Part V are on site, are they built together on a few streets in the development or are they peppered throughout the estate i.e. an estate of 200 homes with an average of 20 homes per street, would they have two on every street, of the exact same design, gifted to the council at a reduced rate. Or would these homes be grouped together on the periphery and built to a more affordable standard.

Gumbo

It depends on site to site.
It also depends on how many units are being built and if the land developer has built before.

Usually they should be dotted through the development as the council will a mix of 1, 2 and 3 bed units if that’s being built. Norabrook on Howth road had 18 units so they had to supply one for Part V.

But as you say, it can be clustered like Belltree in Clongriffin. The Part V allocation for that whole site is in block 2 and is all apartments being handed over to the Iveagh trust.

Maurice Yeltsin

kceire wrote: »

It depends on site to site.
It also depends on how many units are being built and if the land developer has built before.

Usually they should be dotted through the development as the council will a mix of 1, 2 and 3 bed units if that’s being built. Norabrook on Howth road had 18 units so they had to supply one for Part V.

But as you say, it can be clustered like Belltree in Clongriffin. The Part V allocation for that whole site is in block 2 and is all apartments being handed over to the Iveagh trust.

Howth you say.

I'm going to assume a 3 bed is circa 450k here.

So let's have this right. People who wouldn't dream of buying in Finglas or Ballymun because of their fear of who might live next door are prepared to gamble 450K that the council won't give the house next door to Margaret Cash or one of the Monk's nephews?

That's insane.

When I'm buying it will be either ex corporation or an estate that likely has HAP tenants and long term social rentals. I'm fine with that, as I'm not in a position to live in more salubrious surroundings, and this doesn't particularly bother me.

If I had 450k to drop, it probably would concern me. It's bad enough that some day I will spend anywhere between 160,000 and 290,000 to live somewhere where people in identical houses have not and will not work and pay a pittance rent. To pay 450K for that privilidge is mind boggling.

More nuts is the council buying these properties for an inflated figure.

Gumbo

Maurice Yeltsin wrote: »

Howth you say.

I'm going to assume a 3 bed is circa 450k here.

So let's have this right. People who wouldn't dream of buying in Finglas or Ballymun because of their fear of who might live next door are prepared to gamble 450K that the council won't give the house next door to Margaret Cash or one of the Monk's nephews?

That's insane.

When I'm buying it will be either ex corporation or an estate that likely has HAP tenants and long term social rentals. I'm fine with that, as I'm not in a position to live in more salubrious surroundings, and this doesn't particularly bother me.

If I had 450k to drop, it probably would concern me. It's bad enough that some day I will spend anywhere between 160,000 and 290,000 to live somewhere where people in identical houses have not and will not work and pay a pittance rent. To pay 450K for that privilidge is mind boggling.

More nuts is the council buying these properties for an inflated figure.

Howth Road, D3.
Asking price €950k - €1.2m

The council
Made best use in fairness. They turned it into a HMO and gave 3 single people with particular disabilities a floor each.

mad m

https://www.thetimes.co.uk/article/social-tenants-get-one-block-in-luxe-scheme-h73d3tkb7

Maurice Yeltsin

mad m wrote: »

https://www.thetimes.co.uk/article/social-tenants-get-one-block-in-luxe-scheme-h73d3tkb7

So is it ever done that a developer can be building, say, 200 high spec homes in Malahide, and agrees to build 20 standard council homes on cheaper land elsewhere?

Not only does it make more sense financially, but it's pretty damn obscene that someone who hasn't contributed FA could get to spend the rest of their days in a high spec home in a sought after address.