Monday, 20 October 2008

Affordable housing more expensive than unaffordable housing shock

According to today’s Irish Times, some so-called “affordable” housing is now more expensive than equivalent properties bought on the open market.

It seems that buyers can save EUR 10,000 on EUR 250,000 two bed apartments in Ongar, and EUR 5,000 on apartments in Mulhuddart by buying privately rather than through Fingal council’s “affordable” housing scheme. The same pattern is repeated in Meath and south Dublin.

If ever there was an argument for this in-the-pockets-of-the-developers Government to stop interfering in the housing market surely this is it? But if Brian Lenihan has his way, the taxpayer will soon be funding the Government's Home Choice Loan Scheme, in order to keep prices artificially high for builders.

If they would just leave it alone, all housing will become "affordable".

Irish Times article

The Property Pin

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