McCreevy Favours Speculators over First Time Buyers

national | miscellaneous | news report Friday January 24, 2003 17:27 by Graham Caswell - Green Party caswell at indigo dot ie

The speculators got a 13% return last year...

People with two, three and four houses are pushing first-time buyers out of the market because the government is giving them tax breaks to do so.

"The biggest reason for the four- fold increase in house prices as reported
today by the The Permanent/TSB Annual House Price Index is a direct result of
new tax incentives granted to investors by Charlie McCreevy in the last budget"
claimed Green Party Finance Spokesperson, Dan Boyle T.D. Mr Boyle went on to
say that this increase "makes it even more difficult for first time buyers to
enter the market and consequently increases the numbers waiting on local
authority housing lists".

The Green Party has consistently critised the Government for adopting a housing
policy which in many cases benefits builders, developers and estate agents
rather than new home buyers and those waiting for local authority housing. "The
series of tax breaks given to property investors by this Government has done
more than anything else to pump up property prices over the last number of
years. We need to claw back some of these tax breaks to bring more balance and
equity into the system." concluded Deputy Boyle.