Affordable house in Dublin sells at 90% above original price

Sheep Shagger

Ridiculous low clawback if someone can make 100k....

https://www.irishtimes.com/news/social-affairs/affordable-house-in-dublin-sells-at-90-above-original-price-1.4656931?mode=amp&h-g=&__twitter_impression=true

godtabh

What did people expect? If it can be gamed it will.

MrGarak

Well the blame obviously lies with whoever drafted the rules that allowed this to happen, however you may feel about the sellers exploiting our wonderful housing market and the affordable scheme. The estimated 115-150k profit after the clawback would be difficult for anyone to turn down. I wonder how many more of these will come up for sale in the coming months...

I thought the affordable schemes were stood down 2011 so not sure how this one came about.

Shedite27

It's an interesting one alright, like if someone is in an affordable house and gets a better job, they're obviously allowed to trade up.

And you can't really say that people who availed of affordable housing schemes can't benefit from a rising housing market that every other home owner does, that just serves to keep poor people poor. Should there be a max profit someone can make from an affordable house but not for other houses?

iColdFusion

Can only guess the follow up story will be " Vulture fund buys affordable house to rent to HAP family" 🙄

At least the council will claw back some of the subsidies but this is bound to cause a landslide of similar properties coming up for sale.

https://www.boards.ie/discussion/comment/117810217#Comment_117810217

It kind of suggests the person or family weren't exactly in dire need of accommodation though and part of me wonders what social welfare supports they will continue to enjoy after this sale.

B.A._Baracus

Fair play? Lol.

Sleepy

No surprise with that particular development at all. I remember it featuring in a fairly active thread here at the time it was being built. The state effectively gifted the land the houses were built on to the Co-op in some sort of pilot scheme.

It was always going to be abused.

Pomodoro

It's a bit much to say the scheme is being abused here. People's circumstances change. More than likely the sellers are trading up, and so will probably have lost out on the rising prices when all is said and done.

ted1

https://www.boards.ie/discussion/comment/117808437#Comment_117808437

how is it been gamed. The peoples situation have changed, the affordable house got them on the ladder. The need to replace the house, the house they are buying is not affordable house, they wont be left with anything in their pocket

uli84

Are they buying another house or returning to ‘their country’ with the profit?

rob316

Its all relative, the "profit" will go into another over priced house.

RichardAnd

Like heavy metal, the market can't be stopped...