We’ve had dozens of policies and strategies all feeding into a steadily worsening problem characterised by a widening affordability gap
O’Brien ‘failing’ as Minister for Housing, Doherty saysAccording to the Economic and Social Research Institute , almost 300,000 households, or 54 per cent of households that are renting in the Republic, received some kind of State support to help with the cost of housing in 2020, the main one being HAP Now that house price inflation has been pared back to almost zero on the back of higher interest rates, you can see – more clearly at least – one of the main policy misfires, namely the...
It also comes on the back of the most aggressive sequence of interest rake hikes ever undertaken by the European Central Bank, which should be deflationary. To bridge the affordability gap, governments can in theory do one of two things: lower house prices or bolster wages. There’s another dimension to this. With buy-to-let investors and the Government acquiring about 70 per cent of the stock of new homes coming on stream every year, the impact of demand-side measures such as Help-to-Buy is magnified.
“And therefore the only remaining approach apart from doing nothing – which is probably what they should do, but politically that’s not possible – is to try and boost incomes to allow people to pay the higher prices that are being asked for housing.”
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After all their interventions, have Irish governments only made the housing crisis worse?We’ve had dozens of policies and strategies all feeding into a steadily worsening problem characterised by a widening affordability gap
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