Cabinet to discuss proposals to prevent bulk buying of homes
The ministers for Housing and Finance are expected to bring proposals to the Cabinet this morning to prevent the bulk purchase of housing estates by investment funds.
Minister for Housing Darragh O’Brien is to brief ministers on proposals to issue a circular to local authorities banning them from granting planning for developments of houses and duplexes which could be sold in bulk to investment funds.
He also proposes ring-fencing a proportion of new developments for first time buyers and other purchasers.
Minister for Finance Paschal Donohoe will bring taxation plans to Cabinet which may see investment funds charged stamp duty on certain residential purchases.
Separately, Minister for Public Expenditure and Reform Michael McGrath will tell ministers that spending is currently running 3% ahead of forecasts.
That is due to the pandemic unemployment payment and the employee wage subsidy scheme.
Both supports are due to expire at the end of June but the Government has promised the payments will not suddenly end.
In the next two weeks, ministers will have to decide about extending those supports and at what rate.