20% deposit plan ‘will put homes out of reach’

The country’s largest trade union has claimed the Central Bank’s plans to require homebuyers to have a 20% deposit in place for a mortgage “will put home ownership beyond the reach of thousands of individuals and couples”.

Central Bank governor Patrick Honohan has said a decision on whether to press ahead with the measure is imminent.

“There’s been resistance from different sources. We are trying to see what we can do to achieve the goals of what we set out — are there any elements which need to be re-looked at? The final decision will be taken on this in the coming days and I wouldn’t like to anticipate that, I’m not the only decision-maker. I’m hoping my views [that the 20% deposit should be required] will actually prevail, I’m sure they will, probably.”