Saturday 19 October 2019

Be wary of 'help' for first-timers

The newspapers are full of apparently serious suggestions about the Government "helping" first-time buyers and developers inventing new schemes to "assist first-time buyers onto the property ladder" with shared-ownership schemes and the like.

One developer boldly states that the problem with the property market is that there's insufficient "support" from the Government, without once mentioning high house prices.

Even Irish banks have realised that house prices are too high. First-time buyers know it too, as does the Government. House prices have to come down.

None of these schemes are intended to help first-time buyers or normal families. All they are about is saving the developer's helicopter and Bugatti from the repo man.

Schemes concocted to "help" first-time buyers should be treated with great scepticism.

These complex shared-ownership and mortgage-interest schemes are last-gasp tactics used to sell off the excess unsold stock, built too late, to bail out unwise and in-debt developers and to pass the losses onto either the taxpayer or a last few innocent families and young house buyers.



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