Mortgage rule change is a Pyrrhic victory for first-time buyers

Let’s be clear, when housing supply is stuck, any increase to housing demand will produce higher prices. The Central Bank understands this logic and this is why it relaxed deposit rules last week. The deposit rules were relaxed in order for prices to rise, in order to coax builders who are sitting around waiting for prices to rise, to begin to dig foundations. This is state-sanctioned house price inflation. Nothing less. It’s like ...