Minister for Housing Darragh O’Brien
On average the cost of properties in Ireland has increased by €20k in one year.
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Meanwhile, under the Shared Equity Loan scheme planned by Minister for Housing Daragh O’Brien allocates €75m to offer equity loans of up to 30% on new-build homes under €400,000. The scheme will have no salary cap and will be aimed at allowing younger people purchase their first homes.
Social Democrats Housing spokesperson Cian O’Callaghan TD said:
“It is crucially important that the Government drops its plan for shared equity loans which will further inflate house prices. It would be grossly irresponsible if the Government proceeds with its plan to add fuel to the fire when it comes to house prices.
“There are already a number of factors pushing up house prices during the pandemic – these include reduced supply, an overall increase in household savings and favourable tax treatment of REITs [Real estate investment trusts] , which is pushing up the prices of apartments in particular and pushing out first time buyers.
“I’m calling on the Minister for Housing to drop his proposals for shared equity loans from the Affordable Housing Bill. We need measures that will increase the supply of affordable homes – not measures that will further increase demand and house prices.”