Brexit and Help-to-Buy Scheme Provide Uncertainty

Boris Johnson has recently been elected Prime Minister and uncertainties surrounding Brexit are back on the minds of Irish people. The likelihood of there being a no-deal Brexit is strong and the Irish housing market needs to be ready for the consequences. Also, the uncertainty surrounding whether the help-to-buy scheme will be continued or not will have a strong effect on the housing market. The Irish housing market for the rest of this year will depend strongly on the outcomes of the two events listed above.

Lisney published a report recently focusing on the upward trend in the Cork house and construction sectors. Lisney cited Brexit and help-to-buy scheme as two possibilities that may negatively affect the Cork market. Lisney investigated 41 new home schemes being constructed in the Cork area which totals 2,640 units. The help-to-buy scheme is what’s keeping first time buyers able to purchase a home and if this is taken away the number of people seeking homes will decrease. New home sales contribute to approximately 15% of sales in Cork over the last couple of quarters …

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