A report from Fitch earlier this week found that home ownership rates in Ireland had plunged since the end of the boom years.
Globally the report said that a generation of young renters were being locked out of the housing market with new mortgage rules planned by the Central Bank set to worsen the problem here.
Of course, there is nothing wrong with renting but many still dream of owning their own home and potentially having to provide a 20% deposit may prevent that dream from becoming a reality.
With home ownership ratios here experiencing “substantial declines” that has fueled the so-called ‘generation rent’.
There are obvious problems in the rental market though. Apart from a lack of long-term security, there are the obvious issues of rising rents and a lack of stock in the major cities.
With all that in mind the Government are trying to step in with tax breaks for landlords who agree to keep rents down one of the measures being considered.
The new plans by Minister for the Environment Alan Kelly are aimed at increasing the right of tenants and tackling rising rent prices, particularly in Dublin.
Under the proposals, landlords will be encouraged to enter “rent certainty leases” with their tenants in return for tax breaks and other financial incentives.
The Government also hopes to implement a series of procedures aimed at making it more difficult for landlords to increase rent.
Amongst the measures being examined include extending the notice period for introducing a rent hike, as well as placing a requirement on landlords to produce details of three comparable properties in order to justify an increase.
With all that in mind we’d like to get your opinion on the proposals…
- Should renters be helped to get on the property ladder?
- As a landlord would the proposed measures interest you?
- As a renter would you feel more secure if such measures were implemented?
Have your say below…
