Following the publication of new lending rules by the Central Bank earlier this week, leading property website MyHome.ie has called on the Government to address the lack of supply in Dublin.
MyHome.ie lists every property for sale in Dublin and the latest figures from the website show that there are just 395 houses for sale in the capital at or under the key €220,000 threshold figure.
MyHome.ie Managing Director Angela Keegan described the new rules as balanced and said the Central Bank had clearly listened to the advice proffered from a variety of sources during the consultation period. But she said the key issue now is addressing the lack of supply in Dublin.
“The new lending rules strike a balance between the needs of consumers and the need to protect the economy and indeed the country from rapid price inflation. The 3.5 times income cap should keep prices under control at the starter home level. The sliding scale is fair and now after months of uncertainty everyone from first time buyers to house builders can plan for the future.”
“However the new measures won’t solve the supply issue that exists and that’s why we are calling on the Government to address this issue urgently. Right now there are only 395 houses for sale at or under the €220K mark while if we include apartments the figure rises to 842. While it is difficult to quantify the numbers of first time buyers in Dublin at any given time, it is clear thousands of hard pressed buyers will be competing for these homes and apartments. This situation is clearly not sustainable” Ms Keegan concluded.