We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
THE GOVERNOR OF the Central Bank, Philip Lane, has said that the government’s help-to-buy scheme is driving house prices up.
Yesterday, two housing reports from Daft.ie and MyHome.ie showed that house prices and rent rates had been driven up dramatically compared to the three previous months.
In response to a query by Fianna Fáil’s Michael McGrath during questioning by the Finance Committee, Lane said that the impact of the help-to-buy scheme was ‘of course’ to drive up house prices.
“I don’t think there can be any doubt that if you have additional capacity that the effect will of course be rising house prices.”
He went on to say that this could be just a short-term effect, and that the long-term effect of new houses and an increase in supply could ‘self-correct’ the market.
But he questioned whether the €20,000 grant to first-time buyers for buying new builds was the best way to fix the housing crisis.
“If you’re offering 20k rebate, is that the best use of that funding? But that’s for the Oireachtas to [decide].”
Intervention
Sinn Féin’s Pearse Doherty brought up a previous statement by the Central Bank, saying that they would act if there were signs of another housing bubble or spiralling house prices.
How long would that trend have to continue for the central bank to intervene?
“Rising prices over a relatively short amount of months not enough,” Lane answered, saying that they review their stance every November. “More frequently than an annual basis would be too frequent.”
He added that in debates about affordability, the mortgage market is only one slice of housing affordability. He said at the end of 2016, mortgage rates were not going above the threshold of 3.5 times the income level.
Credit rules are not about solving the affordability problem in this country.
You can watch proceedings here on Oireachtas TV.
To embed this post, copy the code below on your site
I’ll just have to check their website or social media while driving now for updates….
@⚡ Seánie ⚡: Could this possibly be connected? https://www.broadsheet.ie/2019/02/07/jam-today-rte-and-aa-roadwatch/
@Here’s How Podcast: Full story on the podcast here: https://blog.hereshow.ie/2019/02/heres-how-82-rte-and-the-aa/
@⚡ Seánie ⚡: You might have to pay for this service now|
Elaine o Sullivan AA road watch ! I’m gonna miss her voice
@Marko: and Ester Moore ODonoghue
@Marko: Arwen Foley was the one for me.
@Alan McArdle: Lorraine Keane anyone?
@Bill Spill: I certainly would. Met her at electric office many years ago. What a lady
@Adrian O’Donnell: Electric Office? Were you having a picnic together?
@Marko: sometimes sounded like she said the A 3 times. Maybe she’d been out the night before.
No more rind-a-bits being busy so.
@theseadoc: nothing will stop the dunkettle interchange being blocked
@Stuart:
@Stuart:
@Stuart: ah the memories of random places we only know through this broadcast! They might not even exist half of them.
Typical big buyer slashing overheads, and never mind who it affects.
@John Nolan: Ridiculous comment. Are they not entitled to make business decisions in their own interests? Why don’t you set up a traffic notification service and provide it to radio stations if it means so much to you?
What ever became of electric Eddie, eye in the sky… Probably dead and buried somewhere on the Con Colbert road, the only location with traffic back in the day
@Shay Murray: it’s driver is stuck at the Red Cow Roundabout
Who’s going to provide traffic reports for the radio stations now ? It’s a major loss for serious road users. It was fantastic to hear the traffic reports on the hour after the news and if something was happening on the road your driving on, you were notified of it. Another backwards step. In the UK, you don’t even have to wait for the news, the traffic reports interrupt whatever station your listening to.
@Sean Walsh: that is because the traffic situation in the UK is an absolute ball breaker. Not even comparable to here. Or was a ball breaker, pre covid..
Laren behan … a beautiful voice !
How will I find my in into the meeja now, love island won’t take me, AA roadwatch gone, crimewatch auditions go nowhere, and I won’t stoop to fair city levels just yet!
At least that’s a few annoying voices off the airwaves.
Useless anyway. Radio reports are brutal. Dublin 103.2 for traffic reports in real time.
@Jimmy Reid: hasn’t been the same since John left though.
Was never helpful to me. Everytime it was the same report “traffic heavy on the dunnekettle” its always heavy.
@Michael: The AA are losing money – most if not all insurance companies or garages provide breakdown cover
Have they an app? They could seek to integrate their real time info with Google maps.
@HarveyLemonade: Where there’s a will, there’s a Waze.
@HarveyLemonade: you can see traffic build ups on Google maps and Apple maps if you Amber lines on maps that’s traffic build up and red lines is traffic at a stop. Also Apple maps is eventually bringing in incident reporting to Ireland like Waze where you can report traffic, accidents speed checks etc
Patnav on Nova will have to do.
A fantastic podcast on the whole situation.
https://blog.hereshow.ie/2019/02/heres-how-82-rte-and-the-aa/?ref=Broadsheet
Bring back The eye in the Sky ! Helicopter service.
They were always rubbish anyway. I well remember the bad old days when I lived in Kildare, and you’d regularly hit a monster traffic jam on the N7 that AA Roadwatch would conveniently have forgotten to mention.
Lorraine Keane, AA Roadwatch
Why? Nooooooooo!
No more helpful mentions of their names by RTÉ presenters in order to help them up on the “celebrity” bandwagon ” ah well Swings and rindeabouts I suppose.
No more traffic “Nooze” then?
Karen Chew all day long.
Anyone remember the ozzie girl,BUMPER TO BUMPER..
@Peter Bell: that does rind a bell Peter.
@Peter Bell: that does ring a bell Peter.
Can’t read websites while driving
Delighted.
The AA and RTÉ themselves are no longer of any relevance.
What motorist would wish to have constant blabbering on a radio, same format from the same sounding stations who constantly have to announce their frequency or name to stay relevant.
Get an iPod or a subscription to Spotify or similar.
have your say