Some need house prices to return to 2007 levels and others need them linked to 2015 wages
The one the Banks want is all that matters officially, society can go and swing or scrap for sweeties.
Decent, balanced piece for a change and clear and easy to digest. I hope people read it.
I would question the assertion that the government are ‘clearly’ on the side of the buyers and not the banks.
From Budget Speech 2014 (Budget 2015)
"There will be no return to the past where tax incentives for developers drove supply. The Government is doing its part to overcome the challenges and remove the roadblocks to a fully functioning property market. It is up to the other stakeholders to follow suit.
There is a view that owners of zoned and serviced land are waiting for higher prices and that is why they are not taking steps to develop their land or sell it to others who will. I will launch a public consultation in the coming months on this issue and, if it turns out to be a valid point of view, I will examine what taxation measures might be taken to penalise land owners who do not develop land that is already zoned and serviced."
We all know that high house costs are made up from high land cost and VAT. I was expecting Minister Noonan to implement a use it or lose it tax for land hoarders, it didn’t happen, this was disappointing.
I heard Noonan on Newstalk this morning saying that there were 3 reports in the 90’s about what to do about housing, all of which led to interference with the market and led to higher house prices, he categorically stated that there would be no government interference in the housing market (we will wait and see). I was pleased there were no incentives for the construction industry. Country Tom is not happy, when he ain’t happy you know it can only be good.
The answer’s obvious, innit?
Let’s all pay ourselves more!