Ian Kehoe: Priming the property market at every opportunity
The decision to loosen the mortgage rules and the introduction of the help-to-buy scheme show the government has not learned any lessons
You reap what you sow. Last November, the Central Bank changed the mortgage deposit rules, making it easier for first-time buyers to secure bigger loans. The move was something of a surprise, as the prudential rules were achieving their main aim – to prevent property market shocks.
After all, unfettered access to credit via a loan-to-value ratio that was much too high was the true cause of the housing bubble between 2002 and 2007. However,...
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