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The 2020 Election and Property

Over the next few weeks, those elected will be working on forming a New Government, but what does the election mean for housing? What does it mean for you?

Somethings won’t change (at least not in the short term).

  1. Buying a home is cheaper than renting. And as No Irish Government has any meaningful input into Euro interest rates, this is likely to stay the same
  2. In the Rental market, whether social homes, or private rental market, supply takes many years to increase, and it has increased from less than 5,000 new homes a year, up to almost 20,000 in 2019.
  3. Rent Freezes; No party is talking about rent reduction legislation, so rent freezes, at the current high level, won’t do much for people looking to rent, but will scare investors from buying, thereby starving the rental market of homes to let.

Hopefully our New Government will:

  1. Service more building land, enabling supply to increase.
  2. Give Irish Water the resources to supply water and sewers in many areas where there is demand for homes.
  3. Streamline planning for new homes, enabling homes to be built faster.
  4. Provide assistance on financing for development (it currently costs in the region of 10% p.a. for builders to borrow. Which they then pass on to the buyers).
  5. Cut down on the Billions of Euro spent on HAP (Housing Assistance Payments) to private Landlords, and increase the amount of state owned social Homes, with the savings.
  6. Right size the usage of social homes. Yes, a social home is your home, but your needs and requirements change as do your circumstances change. Provide people with the opportunities to move as families grow, fall, etc.
  7.  Improve public Transport options for those living in the suburbs.
  8. Local property tax should be used locally for local improvements.
  9. More apprentices would lead to an increase in skills. We also need bring back our skilled workers from other countries.

Well that’s my two cents worth. Here is hoping we get Housing Solutions for ALL.

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