January 9, 2024
Belcamp Manor not an isolated incident as homebuyers continue to be pushed out of housing market by investment funds – Pearse Doherty TD

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has criticised the Government for failing to tackle investment funds snapping up family homes.

The Donegal TD said that the bulk-purchase of 46 family homes in Balgriffin in Dublin by a British investment fund was not an isolated incident, with investment funds bulk purchasing 630 homes in less than two years by the end of March 2023 and more than 70 homes in the first three months of 2023 alone.

Speaking today, Teachta Doherty said:

“The purchase of 46 family homes at Belcamp Manor in Balgriffin, Dublin, by a British investment fund is another blow to struggling first time buyers.

“This is not an isolated incident, with the Government failing to tackle investment funds snapping up family homes under the noses of workers and families who are and have saved every euro they can to buy their first home.

“For some time, Sinn Féin argued for new laws and a higher rate of stamp duty to be charged to stop this unfair and unacceptable practice.

“After public and political pressure, the Government belatedly moved in May 2021 to introduce a 10 percent stamp duty on the bulk purchase of family homes by investment funds.

“At the time, I warned in the Dáil that this charge was too low to act as an effective deterrent and that has proved to be the case.

“The Department of Finance revealed that by the end of March 2023, €21 million in this stamp duty was paid with investment funds bulk-buying 630 homes worth €205 million in less than 2 years.

“In fact, in the first 3 months of 2023, investment funds bulk-bought 70 homes worth €2.6 million.

“Department officials have themselves admitted that, as a result of these figures, the 10 percent rate ‘has not been entirely successful in its goal’.

“It was clear at the time, and all the more clear today, that the Government paid lip service to the public outrage caused by the snapping up of family homes by investment funds.

“The stamp duty charged for the bulk purchase by investment funds of homes that should be available to workers and families must be increased to stop this unacceptable practice.”

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