Dear Santa…

As Christmas approaches at Homely HQ, our thoughts naturally turn to our hopes and aspirations for the New Year. Like all Santa lists, we’ll begin with the low-hanging fruit before daring to include the more ambitious wishes, and we’ll keep it brief.

Reflecting on 2024, we’re thrilled to have already helped our first customers move into their homes, and we’re eager to assist even more in the year ahead and beyond. Despite the challenges the housing sector faces, this is an incredibly exciting time, and we see a genuine opportunity to make a meaningful difference.

Our Wishlist to Help the Irish Housing Market.

A Quick Formation of the New Government

We hope for a government that swiftly begins delivering the promised 60,000 homes per year, along with the necessary infrastructure to support them. With Ireland experiencing windfall tax receipts and strong economic growth (neither of which will last forever!) it’s essential to spend effectively.

Addressing the 250,000 Home Deficit

The housing shortage needs smart, sustainable solutions to avoid the mistakes of the past. We believe in Ireland’s ability to increase supply effectively, and as new homes come online, rent-to-own models will help bridge the gap for those caught between renting and owning. More supply side subsidies and supports are needed alongside demand side initiatives to increase output.

VAT on New Builds

In the face of an acute housing shortage, why is there a 13.5% tax on new homes? While concerns remain about ensuring savings are passed on to buyers, surely these can be addressed through oversight? Increased supply benefits everyone, and if developers make more money, they’ll build more. This could also entice skilled construction workers currently working abroad to return home.

Planning Reform

We hope the new planning bill addresses one of the biggest constraints on housing delivery. It’s currently too easy to object to projects; the emphasis needs to shift toward approving and building the homes our younger generations need.

Rent Caps

Rent caps must be reassessed, as new build-to-rent developments have slowed dramatically and the rental stock has decreased. The rental market is crucial for those who cannot yet afford to buy. Dis-applying rent caps to new rental supply would encourage the much needed return of capital to the rental sector.

Gradual Ownership

Gradual ownership could provide a pathway to ownership for those trapped between renting and buying, complementing rent-to-own initiatives.

A National Property Price Register

We believe that a comprehensive register of all properties, including their occupancy status, would help identify unused or underutilised homes. Better data would lead to more informed solutions for the housing crisis, alongside additional efficiencies in conveyancing and probate processes.

Reforming Property Tax

Recent stamp duty increases on high-value homes only impact a small portion of the market. Ireland needs a reimagined property tax system that curtails price increases relative to incomes, encourages the efficient use of housing stock, and provides proper incentives for downsizing.

Collaborating with Developers and Investors

We’re excited to work with more developers and investors to deliver homes that meet Ireland’s urgent needs. If this is of interest, please don’t hesitate to get in touch – we’re keen to explore opportunities to make a meaningful impact together.

Supporting Energy Efficiency

Policies that incentivise the adoption of energy-efficient housing solutions, such as retrofitting and renewable energy systems, and faster-delivered Modern Methods of Construction (MMC) would contribute to meeting climate targets while reducing long-term living costs.

Reimagining Dublin Port

This Christmas, imagine Dublin Port relocated (hear us out!) easing city congestion, noise, and traffic, while freeing up land for much-needed homes. Picture a festive Dublin skyline, twinkling with lights between the Poolbeg chimneys, where high-density, beautifully designed homes create a modern urban landscape. As reindeer fly across the sky, they pass over a city that rivals the world’s most iconic metropolises of Manhattan, London or Dubai, where the future of housing is both sustainable and inspiring.

World Peace

This may seem out of place, but we include it sincerely. While the housing crisis requires brainpower and dedication, we should never lose sight of how fortunate we are to live in a democratic, prosperous, and peaceful region. A global commitment to peace serves as a reminder to approach our own challenges with gratitude and some (festive) perspective.

As we reflect on the past year and look ahead, we are focused and determined to tackle Ireland’s housing challenges head on. The road to change isn’t easy, but we can believe Homely and the rent-to-own model can make a real impact. Wishing one and all a Merry Christmas and a Home of Your Own in the New Year!

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