Saturday 25 November 2017

Coveney's big plan to tackle the housing crisis leaves Brussels cold

New studies on housing and the property market show there's a way to go before our problems are solved, writes Dan O'Brien

FALL WARNING: Central Bank’s Philip Lane cautioned against seeing property as a 'one-way bet'
FALL WARNING: Central Bank’s Philip Lane cautioned against seeing property as a 'one-way bet'
Dan O'Brien

Dan O'Brien

It is rare that a week passes without stories on housing, property issues and homelessness making the news. Last week was no exception.

Last Thursday, the head of Ireland's Central Bank warned people against thinking that property is a "one-way bet" and raised the spectre of house prices falling in the future, while his counterpart at the German central bank spoke in a TV interview about a rise in interest rates being justifiable within two years.

Last Wednesday, a report by the property website, myhome.ie, highlighted how Ireland's already illiquid housing market actually became more so last year (the number of homes sold in 2016 was down on 2015). On the same day, the eurocrats in Brussels weighed in, devoting a good proportion of their latest analysis of the Irish economy to issues around housing and the built environment more widely.

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