Sinn Fein Seeks Support On Motion To Tackle Investment Funds Bulk Buying Family Farms

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Sinn Féin TD for Tipperary, Martin Browne TD has called on TDs in Tipperary to support Sinn Féin’s motion to tackle the unacceptable practice of investment funds bulk buying family homes.

Deputy Browne also criticised the Government for failing to tackle investment funds engaging in the practice.

The motion will be debated in the Dáil on Wednesday 17th January.

This follows the bulk purchase of 85 percent of homes in a new housing development in Dublin by an investment fund.

Deputy Browne says “The purchase of 46 family homes at Belcamp Manor in Balgriffin, Dublin by an investment fund is another blow to struggling first time buyers.

Sinn Féin wants new laws and a higher rate of stamp duty to be charged to stop this practice – in  May 2021 the government did introduce a 10 percent stamp duty on the bulk purchase of family homes by investment funds.

The 10% is not a deterrent as in the two years to the end of March 2023, investment funds bulk-purchased 630 homes worth €205 million.

 Deputy Browne is highlighting that “Since this Government took office, house prices have risen by 28 percent with a first-time buyer now needing an income of €95,000 to buy a new home.”