25th March 2003
Unjustified greed leaves house buyers in Tallaght struggling for new homes
Sinn Fein TD for Dublin South West Seán Crowe has accused property developers of unjustified greed following revelations that houses prices in a new estate in Tallaght had increased by €16,000 over a three day period last week. He said the increases had shattered the dreams of many young families and couples who are already struggling to get mortgages arranged . He said there now existed an axis of evil that included the Government, property developers and the lending institutions that is compounding the housing crisis that exists in this state.
Deputy Crowe said: I am appalled that blatant and unjustified greed has led to an increase of an unbelievable €16,000 being attached to new houses in Tallaght over a three day period last week. This increase has shattered the dreams of many young families and couples who are already struggling to get mortgages arranged.
This is a deliberate abuse of the housing crisis in this state. It is an abuse that is facilitated by what I would call an axis of evil, which includes the Government, property developers and the lending institutions that is only compounding the housing crisis. There can be no justification whatsoever for the fact that the houses in Russell Square advertised on March 20th at €198,000 can suddenly jump to €214,000 on March 22nd and 23rd when people called to view them.
I have raised this matter on South Dublin County Council and have put a question to the Minister for Environment and Local Government asking what measures he is going to take to ensure that this type of sharp practice or gazumping is ended. I would also call on the Financial Ombudsman to investigate the practice of lending institutions giving people up to five times the value of their salaries as mortgages. This practice is not only adding to spiraling house prices but is leaving such people very exposed and in danger of losing their homes should interest rates change by even one or two percent.
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