Bulk-buying deterrent working, says O’Sullivan

ALMOST 2,000 homes in Co Cork received planning permission with restrictions on bulk buying or multiple sales to a single purchaser in the last three years.

Minister for Housing Darragh O’Brien introduced the planning measures three years ago to increase home ownership and restrict the practice of the bulk purchasing of homes.

The update shows that 1,959 homes in Cork County received planning permission with conditions restricting the bulk buying or multiple sales to a single purchaser in the three-year period from May 2021 to May 2024.

The measures included a 10% stamp duty levy on the cumulative purchase of 10 or more residential properties, excluding apartments, within a year. This was aimed at deterring institutional investors from bulk purchasing homes. Nationally, in the past three years, almost 50,000 homes have been prevented from bulk purchases.

Cork South West Fianna Fáil TD Christopher O’Sullivan said the data demonstrates that measures designed to prohibit the bulk buying of houses and duplexes in order to increase housing stock for home ownership are working.

‘As well as restricting bulk buying, we are also boosting supply through our plan, Housing for All, with recent data for new home commencements at record levels. Furthermore, the continuation of the development levy waiver and Irish Water connection charge rebate shows that we are using every lever at our disposal to tackle the housing crisis.’