Prices for the new-builds start at €270,500

A rendering of the Affordable Housing Scheme at Glenbride, Kilnap on the Old Mallow Road(Image: Cork City Council )

After handing over the keys to more than 300 new homes last year, Cork City Council is today opening applications for the first affordable housing scheme of the new year, with modern family homes located right outside Cork city available for well below market rate.

The new allotment of 23 homes at Glenbride along the Old Mallow Road is less than ten minutes from Cork city centre, and prices for the new-builds start at €270,500. Applications for the Glenbride scheme open at noon today and will remain open until midnight on Saturday, February 17.

The homes are a great option for first-time buyers and young families, with the developers offering a range of two and three-bedroom properties. The cheapest is a two-bedroom, 89m² townhouse for €270,500, while the most expensive is a three-bedroom semi-detached property for €322,965, spanning 120m².

Prospective buyers are encouraged to apply early, as submissions are typically processed on a first-come, first-served basis. You can submit an application through the portal on the city council’s website here.

The new-build homes have an A2 BER rating and are available at least 20% below market value. The homes are ‘designed with modern living in mind’, and each property comes with a fully fitted kitchen, a modern air-to-water heating system and the capacity for a high-speed internet connection.

Under the terms of the Affordable Housing Purchase Scheme, Cork City Council claims a stake in the property. The council’s equity stake will equal the discount from the purchase price to the home’s full market value.

The purchaser can buy out this equity share at a time of their choosing, but there is no requirement to do so. However, the council can seek to cash in this equity after 40 years. Buyers can also buy out the council over an extended period to gain full equity in the property.

The scheme is open to First-Time Buyers, ‘Fresh Start’ buyers, or those who own a home that is not suitable for their household’s needs and who cannot afford to purchase property at its open market value. Thresholds to qualify for the scheme include income and eligibility limits – you can find out more here.

The Fresh Start principle applies to applicants who own a home but have divested from it, including through separation, divorce, insolvency, or bankruptcy.