Minister Eoghan Murphy’s “affordable” mortgage scheme would not provide homes which were affordable or below the market rate, rather it would further inflate a property bubble and enrich developers.
This scheme won’t provide one affordable home for people. The Government are simply tinkering around the edges of the property market.
There are no affordable homes being built, instead what we have is developer-led housing aimed at maximising profit. This proposal does nothing to challenge that or to provide new homes below market rates.
This plan simply changes the mortgage from a bank to a local authority, it won’t make the home any more affordable. The lower interest rate will simply mean families paying €10,000 less over 30 years, or €333 a year. This doesn’t make the house affordable, instead it is likely to prop up over inflated house prices.
Solidarity submitted a proposal to Fingal County Council to provide really affordable and social homes on a site in Damastown, Dublin 15, where there is a housing crisis blackspot . Our proposals showed how really affordable one, two, three and four-bedroom homes could be provided for €170,000 or less to families.
The Government should focus on providing affordable housing, using public land banks, not contributing to the housing bubble.