Councils repossess share scheme homes

An increasing number of houses bought with the help of local authorities during the boom are being repossessed in Dublin and Cork, while councils nationwide face mortgage arrears on up to 45% of loans.

In Dublin City alone, 52 houses bought under the shared ownership scheme have been repossessed and it is estimated that 30% of the remaining 1,523 shared ownership homes are in arrears. Dublin City Council said it was likely to have to repossess another 20 in the short term.

In Co Cork, arrears have reached a shocking 51% and a number of repossessions have taken place.