'Havoc in the housing market': Thousands of homes snapped up by investors

Thousands of yet-to-be-built homes were pre-sold to funds — and so will avoid paying higher stamp duty

With up to €1bn worth of housing sold to institutional investors before a brick is laid, it could be years before the non-retrospective extra stamp duty on cuckoo funds would take effect. Picture: Gareth Fuller/PA Wire

The Government’s plans to protect home buyers from competing with institutional investors will have no impact for up to three years, with up to €1bn worth of homes pre-sold to cuckoo funds.

Housing industry sources and analysts estimate that at least 3,000 homes due for completion in the next two to three years have already been snapped up.