Kerry County Council says it'll adopt a wait-and-see approach to national legislation around tackling investment funds bulk-buying housing estates.
The government's plan to increase stamp duty on purchases of ten or more houses was passed in the Dáil, while local authorities are due to be directed to ensure a portion of new homes are ringfenced for first time buyers in future planning permissions.
The government's plan to increase stamp duty on investment funds, in order to prevent the block purchasing of new houses, was passed by the Dáil.
Other plans to stop people from being squeezed out by funds, such as ring-fencing a chunk of new developments for first-time buyers, are expected to be announced shortly.
Fianna Fáil councillor Michael O'Shea said there are many large developments being finalised around the county and many homes are not being sold to first time buyers.
He asked the council what will it do to tackle the practice of large investment funds bulk buying homes, such as what happened in Kildare in recent weeks, where 135 of 170 homes in an estate were purchased by a so-called cuckoo fund.
Director of Services John Breen says the council has to wait for correspondence as the legislation only went through the Dáil and Seanad in recent days.
Currently, the council will adopt a wait-and-see approach in relation to direction around stamp duty and ringfencing homes for first time buyers.
