Duncan Smith (Dublin Fingal, Labour) | Oireachtas source

Young people with families who are looking to buy a home are absolutely furious over the increasing number of homes being snapped up by outside investment funds and REITs, or so-called cuckoo funds. Fianna Fáil campaigned very strongly in 2019, in advance of the general election, to clamp down on cuckoo funds. The Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien, committed to changing the law to block them from snapping up new developments. Round Hill Capital bought 135 homes in Mullen Park, Maynooth. First-time buyers were on the list to buy these. Local councillor, Ms Angela Feeney, has been dealing with many of them. They are absolutely devastated to see their dreams dashed. The same REIT has bought 112 homes in Bay Meadows, Dublin 15, and 297 apartments in Northwood, Dublin. These are the developments we know about. While first-time buyers are losing out on new homes, I can tell the Taoiseach for a fact that they are also losing out on second-hand homes. Investment funds are highly active in the market, seeking any second-hand homes that are in any way affordable or deemed to be affordable or within the reach of some first-time buyers. These are houses that will never come to the market. What is happening is insidious. The companies are asking for more than the asking price and the houses are not hitting the market. Young first-time buyers are missing out. They do not even know they are missing out because sometimes the houses are not even listed on www.daft.ie and www.myhome.ie. This problem needs to be tackled. It is unseen and causing considerable damage. There needs to be legislation to prevent it from continuing to happen.

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