Move to restrict bulk-buying unlikely to increase supply, say industry figures Threshold set too high, with over-emphasis on first-time buyers to the neglect of renters
about 6 hours ago
New homes at Bay Meadows, Hollystown, Dublin 15. The entire estate of 112 houses was bought by Round Hill Capital earlier this month. Photograph: Dara Mac Dónaill/The Irish Times
Government plans to restrict the bulk-buying of homes in housing estates are unlikely to result in significant supply increases for owner-occupiers, property industry figures have said.
The Government is to clamp down on house purchases by large investors by increasing stamp duty to 10 per cent on the purchase of more than 10 houses.
Digital Desk Staff
The Government is under pressure to scrap its controversial housing loan scheme after the Central Bank warned it could push up house prices.
Darragh O’Brien, the housing minister, has been urged to focus on other measures instead of the shared equity scheme, which he has been strongly pushing despite widespread concerns and criticism.
As the Irish Examiner reports, in a letter to members of the Oireachtas housing committee, the Central Bank has warned that the plans, which form part of an Affordable Housing Bill, could result in an increase in house prices and will do little to deal with supply issues.