Thursday 22 August 2019

The landlord: 'It seems to be weighted against somebody who had a bit of bob and bought a house like myself'

Arthur McGuinness. Photo: Doug O'Connor
Arthur McGuinness. Photo: Doug O'Connor Newsdesk Newsdesk

A landlord has warned that Government plans to stop spiralling rents could stop investment in the housing market.

Arthur McGuinness (71) from Templeogue has three houses in Dublin and describes himself as an "accidental landlord". His tenants receive Government subsidies and Mr McGuinness said he will not be affected by the new measures.

However he is sceptical of Simon Coveney's proposal which will see rents capped at in-demand areas of Dublin and Cork city. The measure will ensure rents will not be able to rise above a maximum of 4pc each year.

He said: "It looks like the Government are doing something very quick to be smart for Christmas because they didn't do anything last year. That's my first impression. "Nothing is going to upset me in terms of what I'm getting from my returns from my houses - if you look at it from a commercial level.

"But it just makes it more difficult for landlords. It seems to be weighted against somebody who had a bit of bob and bought a house like myself.

"I bought an investment; I would call myself an accidental landlord."

Mr McGuinness sees himself as lucky because he received an inheritance that allowed him to pay off the mortgage on a house he was renting. He said the revenue he was generating from the property was very small.

"I've taken the hit of the lower rent. Now something seems to be happening that everyone wants the rent to be lowered, it's going to be very difficult to attract somebody who can get their hands on the amount of money to buy a €230,000 house and put it out there to rent."

Irish Independent

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