Sunday 22 January 2017

Mark Keenan: Government is treating cancer of housing crisis with sponge baths and aspirins

Published 12/10/2015 | 02:30

Governor of the Central Bank Patrick Honohan
Governor of the Central Bank Patrick Honohan

There is a general sense of grievance throughout the professional property sector, which has been on its knees for six years.

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They believe the Central Bank lending control measures, introduced at the beginning of this year, have failed miserably, and point to the increasing numbers of city dwellers aged between 25 and 45 who will not buy a home of their own as a result.

But on the contrary, the policy has been a roaring success - in that it has absolutely achieved all of its objectives and goals. When the Central Bank stepped in to apply these measures, it was during a market in which city prices had been rising by 15pc per annum. It was in a market in which lenders were on the cusp of entering another early noughties-style mortgage war.

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