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Government Consider Emergency Legislation To Stop Investors Bulk Buying Houses


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International investors could be banned from bulk buying homes in housing estates.

The Government is considering emergency measures after investors made large purchases in estates in Dublin and Kildare.

Government parties are concerned about rising public anger on the issue, which is blocking first time buyers from getting on the property ladder.

Labour’s Housing spokesperson Rebecca Moynihan hopes the legislation is introduced "before the end of the summer".

"We're hearing stories of not only investors buying whole housing estates, but even second hand homes before they hit the market," she said.

Meanwhile Louise Bayliss from Focus Ireland says it’s resulting in people getting stuck renting.

"We haven't been built social housing so those tenants are being pushed to the rental market," she said.

"Then a lot of first-time buyers are being locked out of the property market and pushed to renting."

She said this leads to competition in the rental market, leading to higher rents.

 


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