3 days ago
Allow public to invest in housing development, chartered surveyors' body urges
A scheme allowing private citizens to invest in new
housing
through a State-backed investment vehicle should be considered by Government, the incoming president of the
Society of Chartered Surveyors Ireland (SCSI)
says.
Gerard O'Toole says the current level of public investment in housing is 'unsustainable'. The State, which allocated more than €5 billion to housing last year, is the largest investor in housing delivery at present.
'The State needs to explore alternative and diversified funding streams,' Mr O'Toole said.
Pointing to the €143 billion lying in bank deposit accounts, mostly demand deposit accounts earning no interest, he said, 'The establishment of a specific private savings fund devoted to housing could enable the Government to put long-term multiannual housing plans in place while also facilitating investment in much-needed infrastructural projects.
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'It would enable citizens to invest securely in future housing while also expanding access to development finance for small and medium-sized home builders.'
The incoming SCSI president, who lives in Westport, Co Mayo, also reiterated the SCSI position that rural housing planning guidelines under the new national housing plan 'should transition away from ribbon development towards a more 'clustered' rural housing delivery in the interest of proper planning and sustainability'.
Mr O'Toole said the Government needs to show more urgency and act decisively in tackling the housing crisis.
'Uncertainty is the word we are hearing all the time. We believe it's now time to focus on what we can control and take decisive action to address our housing and infrastructural deficit,' he said.
He said the Government's proposed Housing Activation Office 'needed to commence its work urgently on clearing the many blockages which are impeding the delivery of new housing'.
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He said a lack of co-ordination across all levels of Government, state agencies and stakeholders was stalling progress in tackling high demand for new homes.
'We need to break down the silos which appear to exist across Government departments and agencies if we are to ensure the efficient and timely delivery of new housing and the retrofitting of existing housing, including vacant and derelict property.'
He said the SCSI wanted to see reform of the utility connection processes and 'earlier engagement by Uisce Éireann and the ESB with home builders to reduce delays and prioritise essential connections for housing ready for occupation'.
