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Government's shared equity scheme risks driving up house prices, Central Bank warns


 
The Central Bank has raised serious concerns about the Government’s new shared equity loan scheme, suggesting it could saddle potential participants with big debts while inflating house prices generally.
The scheme, which involves the State paying for up to 30 per cent of the cost of new homes in return for a stake in the property, is part of the Government’s Affordable Housing Bill and is intended to drive home ownership.
However, in a submission to the OireachtasJoint Committee on Housing, the regulator said there was, as yet, “little detail around the contractual obligations on those that might receive this financing.” ....

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Poor council housing: 'It's like Angela's Ashes in here sometimes'


Ms Cooney cannot put shelves on the walls as they are too damp to hold them, while her adult son, Marcus, cannot leave clothes or papers in his room due to the damp.
“I’ve woken wheezing and coughing because my room is so cold. I am exhausted,” he says.
Ms Cooney says she stopped paying rent, of “about €500 a month”, to her landlord, South Dublin County Council, “about a year ago”.
She would be “delighted to pay if my home was habitable”.
Local TD and Sinn Féin housing spokesman Eoin Ó Broin says there are 31 cases regarding poor conditions in Balgaddy, some of them ongoing for more than a decade. Other tenants, he fears, “have given up complaining about it”. ....

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ESRI claims shared equity schemes risk driving up prices


ESRI claims shared equity schemes risk driving up prices
Schemes include State s €75 million home-ownership programme
Tue, Feb 16, 2021, 01:00
 
Shared equity schemes like the Government’s €75 million home-ownership programme risk driving up prices and worsening affordability issues, the ESRI will tell an Oireachtas committee on Tuesday.
The think-tank is among groups giving their feedback on Minister for Housing Darragh O’Brien’s Affordable Housing Bill to the committee on housing.
ESRI researchers Conor O’Toole and Rachel Slaymaker will argue that a shared-equity loan scheme will be a benefit “in theory” as it would facilitate borrowing for households currently constrained by the amount needed to finance a purchase. ....

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