Friday 21 July 2017

Letters: Government repeating same old property mistakes

Plans put forward by Coalition to
boost house prices make no sense. Photo: Frank Mc Grath
Plans put forward by Coalition to boost house prices make no sense. Photo: Frank Mc Grath

In a week in which the Bank of England warned that booming house prices in Britain could seriously threaten that country's economic recovery, it really is beyond belief that the Irish Government should put forward a proposal to subsidise mortgages for first-time buyers of new houses.

Considering the damage reckless bank lending and 100pc mortgages did a few short years ago, it is incomprehensible that the Department of Finance, Central Bank and Financial Regulator could condone this blatant attempt at vote buying by this morally bankrupt Government.

The effect of this initiative, if implemented, would be to have a lot more buyers in a market in which there is an acute lack of houses for sale in Dublin. This would obviously cause upward pressure on prices and panic to get on the housing ladder (does this sound familiar?).

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