Sunday 17 December 2017

Housing scheme must be approached with caution

Euro Coins pile House with banknote roof and key
Euro Coins pile House with banknote roof and key

WE NEED more houses to be built and we need more building workers back on sites earning decent wages. Few people will argue with those two propositions as the housing market is beginning to turn nationally and already there is a scarcity of supply of certain types of houses in parts of Dublin. But our recent experience of a false housing boom and the devastation it brought upon the Irish economy makes us all rather scared.

Too many people are in negative equity and there are too many ghost estates blighting the country for anyone to be complacent about the housing market. Any official initiatives to improve housing supply and get skilled building workers back to work must be approached with great caution.

These basic facts will dominate reaction to our story today of a proposed government scheme to help first-time buyers get mortgages to buy new homes. Caution must be the watchword in everything that happens from here on.

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