Sinn Féin spokesperson on Finance, Pearse Doherty TD, will bring forward a Dáil motion this week to tackle the unacceptable practice of investment funds snapping up family homes.
The motion, which will be debated on Wednesday, follows the bulk purchase of 85 percent of homes in a new housing development in Dublin by a British investment fund.
Teachta Doherty said:
“An investment fund has been allowed to buy up 85% of houses at Belcamp Manor in Dublin.
“The Government is responsible for this happening. This is not the first time this has happened and it won’t be the last unless proper action is taken now to stop these funds buying up family homes.
“Fine Gael and Fianna Fáil have allowed these funds to push up house prices and snap up family homes under the noses of workers and families who have saved every euro they can to buy their first home.
“This has to stop. The Government must implement a punitive tax of at least 17 percent on the purchase of homes by investment funds to stop this practice.
“The purchase of 46 family homes at Belcamp Manor in Balgriffin in Dublin by a British investment fund is another blow to struggling first time buyers.
“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, Sinn Féin warned in the Dáil that this charge was too low to act as an effective deterrent and that has proved to be the case.
“In less than two years to the end of March 2023, investment funds bulk-purchased 630 homes worth €205 million.
“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.
“On Wednesday, Sinn Féin will introduce a motion to the Dáil calling for this stamp duty to be increased to stop this unacceptable practice.
“Since this Government took office, house prices have risen by 28 percent with a first time buyer now needing an income of €95,000 to buy a new home, and a first time buyer in Dublin now needing an income of €127,000 to buy a new home.
“The housing crisis is going from bad to worse under this government, with home ownership becoming more difficult and expensive for an entire generation.”
