Developers Seek Approval for 246 Additional Homes in Cork

Developers at Bridgewater Homes Ltd have submitted a proposal to Cork City Council for the construction of an additional 246 homes at the Waterfall Heights development in Bishopstown. This follows the ongoing construction of hundreds of properties in the area. If approved, the total number of new homes will exceed 500.

The latest proposal includes plans for 143 houses and 103 apartments, situated conveniently off the N40 South Ring. Bridgewater Homes describes Waterfall Heights as an “alluring development of 3- and 4-bedroom houses,” aiming to attract a diverse range of buyers. The company has positioned the estate as an “exclusive development,” emphasizing its potential to redefine urban living through thoughtful design, including dedicated cycle paths and footpaths that connect directly to the heart of Cork City.

Waterfall Heights has quickly gained popularity, with many homes selling soon after they became available. A substantial number of new homeowners have utilized first-time buyer schemes to enter the property market, reflecting the strong demand in the region. Properties at this sought-after development often command prices around or above €500,000, with some listings, such as a 4-bedroom semi-detached house, priced at €550,000.

Challenges for First-Time Buyers in Cork

Cork presents significant challenges for first-time buyers, with median property prices currently around €368,000 for average homes. To secure a mortgage, potential buyers often need a salary of nearly €83,000, as lenders typically allow borrowing up to four times a borrower’s income. For couples aiming to obtain a mortgage of €500,000, a combined income of €125,000 is generally necessary.

Data from the Central Statistics Office (CSO) indicates that the average salary for a Cork worker hovers around €44,000 per year, compounding the difficulties faced by first-time buyers. Recent figures from the Property Price Index reveal a notable increase of 7.8% in property prices over the past year, continuing a trend of steady monthly increases for the last two years.

Future of the Waterfall Heights Development

The decision regarding the additional homes proposed by Bridgewater Homes is expected by the end of October 2023. With the ongoing demand for housing in Cork, the outcome of this proposal could significantly impact the local housing market.

The city’s evolving landscape reflects broader trends in urban living, where developments like Waterfall Heights are not just about adding homes, but about creating vibrant communities. The combination of location, amenities, and design aims to offer potential residents an enviable lifestyle, making Waterfall Heights a focal point in Cork’s housing strategy.

As Cork continues to grapple with its housing crisis, the Waterfall Heights project stands as a testament to the balance between expansion and sustainable urban living, illustrating the complexities of modern development in a growing city.