Up to 50% of future housing estates are to be set aside for purchase by owner-occupiers as the government seeks to curb the influence of so-called ‘cuckoo funds’ on the property market.
Housing Minister Darragh O’Brien has announced new planning measures to mitigate against the bulk purchases of houses and duplexes and plans to earmark homes in certain developments for owner-occupiers.
An “owner-occupier guarantee” will be introduced which enable Local Authorities to designate a specified number of houses and duplexes with a predetermined range of at least 0-50% in a development for owner-occupiers.
The new measures will also see the purchase of more than 10 residential houses facing an increased stamp duty of 10%. This higher charge will apply to a situation where a person acquires 10 or more units on a cumulative basis over a 12 month period and also applies to bulk purchases.
Commenting on the 10% stamp duty rate, Minister Donohoe said: “Building up supply, after a year when construction was forced to close for a significant period of time, is key. Making sure people can access those homes, when they come on stream, is as important.”
Read full article: TheJournal.ie