O’Mahony calls for immediate roll-out of rent-to-buy scheme

O’Mahony calls for immediate roll-out of rent-to-buy scheme


Anton McNulty

MAYO TD John O’Mahony (pictured) has called for a rent-to-buy scheme to sell off affordable housing stock which has been introduced by Dublin City Council to be rolled-out nationwide.
Dublin City Council have become the first local authority to implement the scheme which will allow home buyers the opportunity to rent for up to three years before deciding whether to buy. The council will put 91 rent-to-buy properties on the market in Rialto, Finglas and Glasnevin.
Advocates of the scheme say that home buyers can put 80 per cent of rent they pay over three years towards the purchase price, and then get all the furnishings as part of the deal. Prices will be around ten per cent cheaper than market prices and rents will be 20 per cent less.
If the scheme is considered successful, it is expected to be extended nationwide but Fine Gael TD, John O’Mahony questioned the delay in the introduction of such schemes.
“On April 1 this year, the DΡil’s Public Accounts Committee was told that there were 1,100 unsold affordable housing units lying empty throughout the country which was very worrying when you consider that we have a housing crisis with 100,000 people on social housing lists. The sooner this pilot scheme is rolled out nationwide the better so that these properties can become occupied.
“We cannot continue to have unoccupied properties, lying empty for years, while the demand is so high for the need for housing. The Government has been aware since 2008 that the housing market had collapsed and that affordable housing was no longer affordable. This is the reason why Fine Gael consistently asked for prices to be reduced for affordable housing to bring them in line with market prices, which they belatedly were,” he said.