Saturday 1 October 2016

Land-hoarding builders blamed for homes crisis

Noonan tells Nama to get supply moving

Wayne O'Connor and Niall O'Connor

Published 14/03/2016 | 02:30

Minister Michael Noonan. Photo: Tom Burke
Minister Michael Noonan. Photo: Tom Burke

Developers hoarding land in the hope of making bigger profits are at the heart of the housing crisis, Finance Minister Michael Noonan has privately warned.

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The minister has instructed Nama to make land available more quickly in order to stop developers from sitting on sites.

"If the market believed that significant supply was coming to the market, expectations of future price increases would be tempered, which may lead to a reversal of hoarding behaviour," he told Nama in correspondence obtained by the Irish Independent.

As tackling the housing crisis is held up by the failure to form a government, the bidding war for Independent TDs has now begun. Fine Gael and Fianna Fáil will offer sweeteners to win support in next month's vote for Taoiseach.

Writing in today's Irish Independent, Jobs Minister Richard Bruton says solutions for major problems like housing and health can be found by all of the Dáil working together.

Irish Independent

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