Tuesday October 20, 2020

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

11th June, 2017

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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