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Joint Oireachtas Committee on Housing, Planning and Local Government: Update on Rebuilding Ireland - Action Plan for Housing and Homelessness: Discussion (25 Jan 2018)

Eoghan Murphy: ...measure we have taken to date regarding affordability have been direct supply-side measures such as LIHAF infrastructure funding, the fast-track process of An Bord Pleanála, the new finance body, Home Building Finance Ireland, which will come on line this year or changes in apartment standards and they all aim to reduce costs to increase supply. The Rebuilding Ireland home loan is...

Joint Oireachtas Committee on Housing, Planning and Local Government: Update on Rebuilding Ireland - Action Plan for Housing and Homelessness: Discussion (25 Jan 2018)

Eoghan Murphy: I thank Deputy Coppinger. I appreciate the opportunity to clarify some points on the Rebuilding Ireland home loan scheme, which it is not solely for private houses. Local authorities have previously given out mortgages but this scheme is different because it offers a very low fixed rate over the lifetime of the loan, which is quite exciting. It is linked to net disposable income and the...

Joint Oireachtas Committee on Housing, Planning and Local Government: Update on Rebuilding Ireland - Action Plan for Housing and Homelessness: Discussion (25 Jan 2018)

Eoghan Murphy: ...to afford these houses, as evidenced in the example I gave, whereby the repayments of that couple would be less than one quarter of their income. That is affordable in that context. Some 91% of homes outside the Cork, Galway and greater Dublin areas purchased by first-time buyers in 2017 up to the end of October cost less than the relevant €250,000 cap for the mortgage scheme....

Joint Oireachtas Committee on Housing, Planning and Local Government: Update on Rebuilding Ireland - Action Plan for Housing and Homelessness: Discussion (25 Jan 2018)

Eoghan Murphy: Rapid-build housing was initially brought in as a policy response in the context of homelessness but things have changed very quickly since then. Rapid build has almost become the industry standard. One of the things we discussed at the housing summit on Monday was the need to stop separating rapid and non-rapid builds in terms of local authority housing in our minds. The local authority...

Joint Oireachtas Committee on Housing, Planning and Local Government: Update on Rebuilding Ireland - Action Plan for Housing and Homelessness: Discussion (25 Jan 2018)

Eoghan Murphy: A house could be kept in the family or it could be sold but it would not be available to the rental sector. The latter is a big part of the market. We need to ensure that there are enough homes to rent. I do not dispute the need to make sure that we have proper protections for tenants. I do not think that we have a mature rental market in this country. We need to try to develop one...

Joint Oireachtas Committee on Housing, Planning and Local Government: Update on Rebuilding Ireland - Action Plan for Housing and Homelessness: Discussion (25 Jan 2018)

Eoghan Murphy: ..., as well as some of the existing large sites we have, particularly in Dublin like the O'Devaney and Poolbeg sites, we will have this affordable purchase scheme that will be the qualifying criteria to enter into homes under those three different pieces at present. We also have the affordable-to-rent scheme, which is cost rental but there are a couple of innovative things happening in...