My hopes for Budget 2027: get Galway’s second-hand homes moving
PROPERTY
Property Insights by Johnny Gannon, Fair Deal Property
Budget 2027 arrives on 6 October. My hope is simple: measures that get Galway’s second-hand homes moving. We need new construction, but we also need a housing market that allows people to move. In short, we need the second-hand homes market to function.
Start with the mover’s dilemma. A family hoping to trade up has equity, but it is locked in the house they must sell. Sellers favour buyers without a chain. The family stays put, and another starter home remains unavailable.
A state-backed bridging guarantee, sensibly priced and time-limited, could help suitable borrowers buy before selling. The loans would be repaid following the sale, with proper affordability checks and safeguards for public money.
At the other end of the ladder, offer downsizing grants and targeted stamp duty relief. Crucially, support smaller, accessible homes near services and family. People cannot downsize into a property that does not exist.
One move can start several others. A downsizer releases a family home; the purchaser may release a starter home. That improves the availability of existing housing alongside new construction.
First-time buyers of second-hand homes deserve help too. Abolishing their stamp duty would reduce upfront costs. A targeted purchase grant, alongside affordable renovation finance, could help buyers turn older houses into suitable homes.
Consider a capped deposit contribution linked to verified rental payments. Renters who can manage substantial monthly payments should have a practical route towards ownership, subject to sustainable lending.
New-home ceilings also need attention. Help to Buy’s property ceiling is €500,000. Review that threshold and raise Galway’s First Home Scheme ceilings to €500,000 before rising prices exclude more ordinary family homes from support.
For builders, expand affordable delivery finance and fund the water, wastewater and electricity connections that turn viable sites into completed homes. Smaller builders across Tuam, Athenry and the county should have the means to deliver.
Bring vacant homes back through staged refurbishment funding. Speed up transactions by preparing title documents and planning records before properties are marketed.
These measures need to work together. Buyer supports alone risk increasing prices unless more homes become available. Every incentive should be assessed against delivery, affordability and value for money.
Budget 2027 should help people onto the ladder and help those already on it to move to the next rung. Galway needs more homes, more choice and a market that functions properly.
For more information visit www.fairdealproperty.ie