Affordable houses in Galway City to be capped at €400 thousand

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Galway Bay fm newsroom – Affordable houses in Galway City will be capped at €400 thousand under the Government’s affordable housing scheme.

It’s the second highest cap in the country behind Dublin City and Dun Laoghaire, alongside Fingal, South Dublin, Wicklow and Cork City.

Meanwhile, affordable houses in Co. Galway will be capped at €350 thousand under the scheme.

The lowest cap would be €225 thousand in counties Cavan, Donegal, Leitrim, Longford, Mayo, Monaghan, Sligo and Tipperary.

The figures still have to be finalised with the Central Bank – and the bill on the proposed price caps is be discussed at cabinet this afternoon.

A Shared Equity Scheme in the bill would allow the Government to take a 30 percent stake in a property when buyers are unable to afford the full mortgage.

Opponents of the bill argue it will drive up house prices – a claim echoed by the ESRI which has expressed concerns.

But Housing Minister Darragh O’Brien has said in line with the Shared Equity Scheme, it will lead to affordable housing becoming available.

To hear more, tune into Galway Bay fm news…