Construction BUSINESS

Housing Market Failing Younger Generations, Says First Woman President of IPAV

 Breaking News
  • Brooks to Reduce Energy Bills by €90,000 by Switching on to Smarter Lighting Brooks, one of Ireland’s longest established timber distributors and builders merchants, will reduce their lighting costs by over €91,000 per annum by switching to energy efficient LED lighting. This will be a nearly 70% reduction in energy costs. eLight, the LED lighting experts, installed over 1400 new lighting products in Brooks 7 stores nationwide. These [...]...
  • BAM Wins €25 Million Contract to Build New Cheese Factory in Cork TINE Ireland, a subsidiary of the Norwegian dairy co-operative TINE, has awarded the construction of a new Jarlsberg® cheese production facility and administration building at Mogeely, County Cork, to BAM Ireland. The contract value is more than €25 million. TINE is Norway’s largest producer, distributor and exporter of dairy products with 11,400 members (owners) and [...]...
  • McAleer & Rushe Transforming Edinburgh’s Old Town The new UK Government hub planned for New Waverley in the heart of Edinburgh’s Old Town, which is being constructed by Northern Ireland-based design and build company McAleer & Rushe, has reached a significant milestone with the official ‘Topping Out’ of the office scheme. The project which is transforming a UNESCO Heritage site, in one [...]...
  • PREM Group to Invest Over €1.6 Million in Hotel Refurbishment International hotel management company PREM Group has secured the purchase of the well-known Aspect Hotel in Kilkenny. The Irish owned hotel management and hospitality group has strengthened its growing property portfolio by acquiring the property which it has been leasing and running since it opened in 2006. The 80-bedroom hotel is located just five minutes’ [...]...
  • Home For Life is a New Participant in the Mortgage to Rent Scheme The Government has welcomed Home For Life Ltd as a new participant in the Mortgage to Rent [MTR] scheme, where they will work in tandem with local authorities as landlords providing a long term solution for those in mortgage distress. The announcement coincides with the launch by the Department of Housing Planning and Local Government [...]...

Housing Market Failing Younger Generations, Says First Woman President of IPAV

Housing Market Failing Younger Generations, Says First Woman President of IPAV
June 15
11:55 2018

The current housing market is failing our younger generations, according to Ella Dunphy (pictured) of DNG, who recently became the first woman President of IPAV, the Institute of Professional Auctioneers & Valuers. She was speaking at the organisation’s AGM and annual conference at the Lyrath Estate Hotel, Kilkenny.

“It’s a market where those with the greatest financial resources have choice but those at middle and lower levels of income have little, and in some cases none at all,” she said. “What was once the ‘normal’ house buying populace, those in their 20s and 30s, are scattered between living with parents, ever growing commutes, or involuntarily having to pay rents that in most cases exceed the price of mortgage repayments.”

Ironically, she said, this massive problem has all decision makers agreed that the solution is a major increase in the supply of new homes.

“We need to ask why our system seems incapable of answering that call to action, why it is failing our young people so badly,” she said. “Why it insists on dealing with the symptoms of the problem and driving private landlords in their droves from the rental market.”

Ms Dunphy said increasing the supply of properties and doing so rapidly is the only solution to the problem, “the only one that can create stability and prevent a future house price crash, and all the financial loss and psychological trauma that that would entail.”

She said the Government’s recent Rebuilding Ireland Review of Delivery Costs and Viability for Affordable Residential Developments, identifies late in the day, some of the key issues the industry has known about for a number of years and has been pleading with decision-makers to address.

The report states: ‘access to and the cost of finance for residential schemes remains a significant challenge, and is a substantial factor in development costs.’  It further states: ‘market lenders are generally supportive of a limited number of strong “bankable” developers and builders, which has the effect of limiting the number of housing providers with delivery capability at scale.’

“We have made numerous submissions over several years to Government identifying the lack of availability of loans to SME builders and developers and recommending the provision of low costs loans,” she pointed out. “The question is when are we going to get such delivered?  When is the €750 million loan scheme announced in last October’s Budget going to be delivered,” she asked.

From Kilkenny, Ms Dunphy is the first woman President of IPAV in the organisation’s 50 year history. Following an earlier career in banking she graduated in property from Waterford Institute of Technology before setting up her own business in 2003. Her priorities will include overseeing IPAV’s rapidly expanding education programmes.

About Author

admin

admin

Related Articles


Constrcution Summit

PROMO – Construction Summit 2016 – Sustaining the Momentum

Lean Construction Ireland – Enhancing Ireland’s Competitive Advantage

The Magazine – Construction Business

The Magazine – Construction Summit 2016

The Magazine – Construction Summit

Upcoming Events

  • July 15, 2018Franborough International Airshow
  • September 8, 2018Bauen Kaufen Wohnen
  • September 18, 2018For Arch 2018
  • September 27, 2018Marmomacc Verona
AEC v1.0.4

New Subscriber





Subscribe Here



Advertisements