Dermot Desmond: Everyone has a right to a home. Here is how it can be done
We have allowed homes to become a globally traded financial asset, inflating the price of those homes, the profits of developers, and the value of the underlying land
The measure follows recent Garda statistics showing the number of calls for help relating to domestic violence increased 25 per cent this year. Photograph: Rui Vieira/PA Wire
Financialisation of housing
Everyone has a right to a home. I was one of the lucky ones – buying my first home in Cork in 1972 when I was a 22-year-old junior bank clerk. The home I bought was in Meadowbrook, Riverstown. Meadowbrook was then a very young community but otherwise socially very balanced. The other new residents came from very diverse backgrounds. Like most people back then, my first home was a three-bed semi and of course like most of our neighbours my new home was painted one room at a time.
In euro terms my new home cost me about €6,000 and I received a first-time buyers’ grant of €500. At the time, as a young bank clerk, my annual salary was €900. As a bank employee, I was lucky. I had a preferential borrowing rate of 3 per cent – when the normal mortgage rate was 9 per cent. In addition, I was able to use the first-time buyers’ grant for my deposit.