Sinn Féin Housing spokesperson Eoin Ó Broin TD has commented on figures received in response to a parliamentary question on the uptake of the Rebuilding Ireland Homeloan. The figures indicate that out of the 1,500 Rebuilding Ireland Homeloan applications received only 458 or 30% were recommended for approval by the end of May.
The Dublin Mid-West TD said
“The figures received from the Department of Housing indicate a very low level of approvals for the Rebuilding Ireland Homeloan that was launched in February this year.
“Over four months to May, 1,499 applications were received. The bulk of these applications were from areas of high housing pressure in Dublin and around the commuter belt.
“In total there 619 applications from Dublin, with 540 applications from Cork, Galway, Kildare, Louth, Meath and Wicklow and 340 applications were received from other counties.
“Coupled with the low level of approval is the fact that the average loan amount for the 458 applications recommended for approval by the end of May was only €189,133.
“With house prices continuing to rise in the key demand areas of Dublin and commuter belt this amount is not sufficient for most potential home buyers.
“According to latest figures from the Daft.ie quarterly house price report Dublin the average house price in Dublin is €368,356. This is out of reach for most low to middle income earners.
“The Department figures show that the Minister’s home loan scheme is off to an inauspicious start. At the time Sinn Féin said the focus should be on making the homes more affordable as opposed to providing more credit for the unsustainable market prices.
“An affordable housing purchase scheme for households earning between €40,000 and €75,000 with homes priced at between €170,000 and €260,000 is what is needed and is what can be done if you look at the success of the O Cualann model in Ballymun.
“Households cannot wait much longer for this government to act and to introduce an affordable housing scheme that works.”