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Budget 2020 reaction

Reacting to Budget 2020, Dr. David Duffy, Director of Property Industry Ireland (PII), the Ibec group for businesses working in the property sector, commented:

”The focus of Budget 2020 on Brexit proofing is welcome. However, the housing crisis remains a key issue for the domestic economy. The extension of the Help-to-Buy scheme for first-time buyers is positive, but a two year extension is short given the length of the residential development cycle. The Help-to-Buy initiative has provided certainty of demand that has led directly to an increase in the supply of new housing. This extension should have been announced much earlier in the year. Delaying the announcement to continue the Help-to-Buy scheme has resulted in uncertainty for home-builders and means that less homes will be built in 2019 and 2020 than otherwise would have been the case.

“Supply is needed across all tenures. Residential rents are at an all-time high. Budget 2020 missed another opportunity to announce measures to stem the flow of small-scale landlords from the market.

“A key issue in the provision of housing is the availability of serviced land. PII welcome the allocation of €186 million to the Serviced Site Fund and Local Infrastructure Housing Activation Fund in 2020.”
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