Irish banks ‘manipulating market’ to lift house prices

Leading Irish banks are intentionally manipulating the property market to improve their financial positions ahead of planned stress tests by the European Central Bank later this year.

That’s according to founder of the Irish Mortgage Holders’ Association, David Hall who claimed banks were withholding properties to drive up prices and, in doing so, were exacerbating supply shortage.

Speaking to the Irish Examiner, he said: “We have now a property bubble that has been created by a lack of supply and with a lack of releasing of properties by banks... In circumstances where there’s an alleged supply issue and prices are increasing, why have the banks not released all those properties?” said Mr Hall.