Simon Harris: Funds 'swooping up' estates an unintended consequence of policy

Minister says private investments funds did increase housing supply, but it was never intended that they would purchase entire housing estates 

Simon Harris: 'We needed to go through every avenue to increase supply.' File picture: Niall Carson

Investment funds “swooping” in and buying housing estates is an unintended consequence of Government policy and will not be tolerated, Minister Simon Harris has said.

The Government is reeling since the weekend when it was reported that a global property investment firm with a €1bn war chest has pushed out first-time buyers by purchasing most of a 170-home estate in Kildare.