Government action plan on housing July 2016

Announced by Minister Coveney on 19 July 2016
Some snippets

Rebuilding Ireland - a 117 page plan on Housing
rebuildingireland.ie/Rebuilding% … 20Plan.pdf

Here we go again. Plan to support/pump prices. Addressing the symptoms not the illness.

+1
Gool ol’ “help-to-buy”… it’s worked out like gangbusters in the UK. Pumping prices even further. Shur’ what could go wrong?

I especially liked the bit about the Gubbernment being conscious of not impacting the market in the article… by which I can only assume they really mean not impacting the market in a downward direction.
Gently upward? That’s fine with them!

I wonder will this only apply to those houses hugely affected by the CB rules…a boost to the static high end market???

And I had such high hopes for Simon Coveney :frowning:

The glorious one is going to save the day!

“Housing Minister Simon Coveney has said future development plans must be a “game-changer” if the housing and homelessness crisis is to be solved.”
June 16th Examiner

-Wow, he was already in June moving responsibility to the luddite controlled councils who have failed for a century.

Anyway we will see what this amazing plan is tomorrow(Tuesday).

irishtimes.com/news/politics … -1.2725408

Will there be more demand side measures?

Wait for it

What do people expect or hope for?

I know what i expect- a continuation of the policy of building winding cow roads between ultra low density estates while squeezing as many foreign multinational workers into glorified bedsits between the canals of dublin while paying 8 billion a year of course into servicing interest payments on debt that should have been defaulted on years ago. XX

Of course my glorious plan outlined here is far superior to anything produced tommorow. :stuck_out_tongue:
viewtopic.php?t=66175

That is just what the residential property market needs: more cash chasing little supply that will inflate prices without achieving its supposed objective or making residential property cheaper for first time buyers. Will it not also pour glue into the first time buyer market until the details of the scheme are announced as people defer purchase decisions, just like McDowell’s stupid announcement on stamp duty in 2006 froze the market until stamp duty was reduced?

Populist, wasteful and stupid. Is Coveney really that much of an idiot or is he just trying to buy his way into leadership of Fine Gael? Will Varadkar and Coveney start conducting a proxy war by making ever more expensive and expansive gestures as they compete for the nicest and most generous boy in the class prize with the associated gold star on their forehead?

If Coveney were serious there are other far cheaper and more effective measures he could take.

The Urban Regeneration and Housing Act 2015 (irishstatutebook.ie/eli/2015 … d/en/print) introduced the vacant site levy. We now have a new and separate register of vacant sites required by this Act.

The levy starts from 2018.

The Derelict Sites Act, 1990 (dublincity.ie/sites/default/ … tSites.pdf - it contains just 60 entries.

The South Dublin Council register - sdcc.ie/sites/default/files/ … gister.xls - contains just 11 entries.

The vacant site levy applies to “any area of land exceeding 0.05 hectares identified by a planning authority in its functional area but does not include any structure that is a person’s home” and “the site is situated in an area in which there is a need for housing” and “the site is suitable for the provision of housing” and “the site, or the majority of the site, is vacant or idle”. That is just over 5,200 square feet. Why make it so small? This needlessly increases the work involved in putting the Act into operation without having any real affect on increasing the supply of residential property.

The derelict site levy has not worked. It is nonsense to say that there are only 60 derelict sites in the Dublin City Council area. And it is being replaced by another piece of legislation that may also not work and will be implemented by incompetent Local Authorities with no central management, administration or oversight. We will not know how it is working until after 2018 - 3 years from now.

What not accelerate and phase implementation of the Act and start with the small number of large undeveloped/derelict sites and work down to smaller sites later? Why not start with those areas where housing is in the greatest demand and where there is the greatest shortage and then offer a rebate of the levy if development starts. Combine this with an accelerated planning approval process.

In Dublin you really only want development to start on around 400 hectares of land containing a mix of houses and apartments of various sizes to address the supply shortage.

Most politicians clearly don’t like the CB rules. But they should not interfere with the property market. With the new CB rules, one of 2 things should happen:

  1. Property prices fall, property becomes more affordable or
  2. Buyers must be more realistic about what they can afford

The government should let the market sort itself out, and not manipulate prices further. Now they’re just giving people more money to pay for the (unaffordable) houses.

If you were a FTB just gone sale agreed, what would you do? Wait?

It was tax incentives that pushed prices into orbit.
And by God, it will be tax incentives that will do the same thing again.

The Central bank should announce further tightening of the rules if the government goes ahead with this.

I have 2 queries - appreciate posters thoughts:
1: when will the rules become effective? For example, if a FTB was sale agreed now, should they wait for this potential benefit?

  1. Will this be means tested, or will all FTB’s be entitled to it?

So we have a supply problem. Government does zero over the last 3-4 years to address but anything they do do increases demand.

God almighty, are they thick or merely trying to shamelessly pump prices under the guise of “helping”?

Either way I’ll be sharpening my e-mail pencil (yet again…) tonight when I go home

Indications I’ve seen are that we will get an outline of the idea today but that it won’t be implemented until the budget. Even then, it may not come into force until January 1st 2017 (if at all).

Wait and see what is said today anyway and then make up your minds, but you may well be best to hold off.

My brother is due to close in the next month on a house purchase. I won’ be advising him to wait as there’s a baby due in September. I’d argue this. You could wait and get your incentive. Then pay a more inflated price as struggling FTBs push each other that little bit further in the bidding stakes. If anything his equity should be increasing if these plans come to pass.

If your alternative to buying now is to continue to rent, then you may be as well off buying now. If you have to rent an additional 6 months (at a cost of how much?) in order to get a €5k rebate (or even €10k) is that really worth it to you?

I actually thought this myself at first but this is a neat trick to get around the CB rules. The purpose of the CB rules is to keep the banks from self destruction however it has no remit to prevent the state from doing same.

Press conference livestream NOW.

youtube.com/watch?v=rdTSCYTnWU4

What a pile of *****!

rebuildingireland.ie/Rebuilding% … 20Plan.pdf

I’m working, so only had a chance to skim through. The investments (which I feel were already at least hinted at, if not actually announced…?) are obviously welcome, and some of the fast-tracking of planning seems sensible. They’ve at least identified high rents as being an issue, although I’m struggling to see in concrete terms what they’re going to do about them.

Would be interested to hear from people who have a) read the whole thing, and more importantly b) know a lot more about housing provision than I do, what are the specifically good/bad/indifferent parts?

Pile of Shit.

Nothing for singletons and separated fathers…like high density one bed blocks in central areas of Cork Galway and Dublin. This is very badly needed and yesterday.

Most of the country has no housing shortage, this pile of shit will not being empties into use in Longford or Laois which ALONE would clear the housing waiting lists in those counties ( and all over the midlands and west )

You would think that there was no census at all reading this moronic bilge. :frowning: