Friday 9 December 2016

Supply, not easier mortgages, is the way to solve our housing crisis

The Government is repeating the same mistakes that led to previous bubbles, writes Colm McCarthy

Published 01/11/2015 | 02:30

THE GREEN, GREEN GRASS: There is plenty of room to build homes inside the M50, but there is a shortage of residential zoning – the result of decades of political failure in urban planning
THE GREEN, GREEN GRASS: There is plenty of room to build homes inside the M50, but there is a shortage of residential zoning – the result of decades of political failure in urban planning

At the end of September, Dublin prices for residential properties had increased by just over 5pc on the January figure.

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January is the month when the new Central Bank rules on mortgage lending caps were announced. Despite all the wailing, the Central Bank action has not stopped the inflation of prices in Dublin, where a three-bedroom starter home in the less-favoured suburbs can cost up to three times the cost of the same home in large parts of rural Ireland.

The excess cost of accommodation in the capital has been around for so long now that people have begun to see it as part of the natural order.

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