With the government paying about €260 million in the first half of 2017 above the previous first half of 2016, it means the government is trying to throw money at helping the housing crisis.
The Department of Housing has spent around €312 million during this time. The rapid increase is said to be in main part because of the Government’s housing programme.
The Minister of State from the Department of Finance, Patrick O’Donovan has responded that the impact from the increased government spending has already been seen through the amount of commencement notices being filed. Since a commencement notice has to be filed when someone has begun construction of a new home it is a good indicator of the health of the housing market. The previous 12 months from May, commencement notices have amounted to 15,579. This is up 42 percent of the previous twelve month period.
Recently there has been a housing shortage in Ireland that has taken over the housing market. It is making it harder to obtain a house and a mortgage.
The amount of total pre-approved mortgages have risen lately but it does not help the housing shortage. Almost all the houses on the market have multiple offers so potential buyers are forced to outbid the others.
As the housing crisis continues on, the government has created, updated, and removed plans to help tackle it.
In reference to Government ramps up spending to tackle housing crisis by Barry O’Halloran in the Irish Times on 20 July, 2017.