“*The housing market is attracting speculative demand. In some cases, this takes the form of
individuals taking a view about prospective house prices and buying residential property, as
opposed to another form of investment. In other instances, speculative demand takes the form
of a transitory increase, following from demand being brought forward, so as to avoid
expected future price increases. These various kinds of speculative demand forestall the
movement of the housing market to stability. As this happens, **there is a tendency to stimulate
further speculative demand and in this way a ‘bubble’ can develop. *If allowed to develop
unchecked, such a process has the potential capacity to threaten overall stability of the market.
Of course, the pursuit of a strategy centred on a vigorous supply response, with the
characteristics of credibility, clarity and certainty, as discussed above in Section 5.5.1 will
influence the formation of rational expectations about future market trends. However, it is
considered that expectations of future returns from housing market speculation should be
supported through the introduction of an annual tax on dwellings, which are not principal
primary residences. Therefore, it is recommended that an annual tax, say of 2-3 per cent, of the declared
value of such properties acquired in the future should be introduced.”
“It has the appearance of this Fianna Fáil Minister (McCreevy) bending the knee to a small group of developers and builders in the centre of Dublin. They and the pressure they have been applying are known. We see the results. I am amazed that the Minister has not the courage to come here and justify his decision. He simply announced that what was a good idea six months ago is no longer the case.”
Damnit, I went off on a boozy search for Pats resignation and got caught up reading about Dylan Ratiggan resigning from CNBC ( the conspiracies!) to find there are conspiracies within our own (pin) government. Where the fuck is Bower when you need him…or even Bill
I think MyHome blocking IPW should be on there… I’ve trawled around but can’t seem to find the exact link to IPW discussing it… It occurred roughly around September 23rd 2007, I think… I don’t want €100 but if someone can provide the actual detail, it would be nice…
Tied in with the Richard Delevan debacle, the purchase of MyHome by the IT and MyHome winning the MyHome best property website award at the Irish Property Awards, it all adds to the rich tapestry!
Folks, all the names were keyed into my trusty super computer, a random number generating program was developed and validated. The whole system was modelled on a combination of E-Voting and PPARS and costs more than both combined, but it has all been worthwhile.