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Government Could Ban Cuckoo Funds From City Centres

All FM104 News

Friday, 7 May 2021 11:29

By Louise Phelan D'Cruz and Kevin O'Mahony

The Government is considering banning cuckoo funds from densely populated city centres.

Finance Minister Paschal Donohoe is reviewing taxes for investment firms that buy-out entire housing estates.

Officials are also said to be looking-at reviving an old bill, which proposed that local authorities earmark 30 percent of zoned land for first-time buyers.

Senator Mary Fitzpatrick says it’s unacceptable for cuckoo funds to undercut people trying to get on the property ladder.


Meanwhile, new figures show a single person on a typical salary could only buy a house in seven of the 26 counties in the Republic.

The data from the Central Statistics Office has been used to compare median wages across counties.

The median is the midpoint of a group of numbers.

Analysts say it often better represents what a typical worker earns than the average wage.

Kieran McQuinn, a research professor at the ESRI, says the housing market tends to favour couples.

 

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