IIP supports idea of houses being allocated to FTBs
A statement from a body which represents institutional property investors says its members would support the idea of a percentage of houses in residential estates being made available for purchase by first time buyers and other individuals.
Irish Institutional Property, which represents large builders as well as investment funds said in its statement that "…where it is viable to do so.." it would support "…the concept of a percentage of houses in a residential estate development being required to be available for sale to first time buyers and individual home purchasers generally."
The statement goes on to claim that 80% of the capital used to finance investment in property in Ireland, is from 'internationally backed institutional investors'.
It says this dependency will be increased with the announced departure of both Ulster Bank and KBC.
The statement says institutional investors are ‘not short term’.
It says its members are building 12,000 units, which is close to 50% of the construction industry’s current output.
It says the majority of this is on sale to individual purchasers.