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The bank of mom and dad

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By Ted Healy of DNG TED HEALY

As young first-time buyers continue to struggle to get on the property ladder, the traditional 'bank of mom and dad’ is receiving increased public support.

According to a new survey conducted by taxback.com, 59% of taxpayers believe parents should be allowed give children a leg up the property ladder if they are fortunate to be able to do so.

A majority of those surveyed said parents should be allowed to gift their children as much as they want, without tax implications for either side.

The counter argument here is of course fairness to all house hunters, and the extra pressure this heaps on those who cannot provide financial assistance for their children.

Almost 42% of first-time purchasers availed of financial gifts as part of their deposits with 25% of mover purchasers doing the same.

There is a swell of support for the personal choice of parents to provide financial support to their children when it comes to purchasing their first home. This is completely understandable as we all work hard to provide the very best we can for our children in order to help them on their way as much as we possibly can.

The other side of the coin here is the ‘fairness’ element, should the “haves” be able to wield more power than the “have-nots” in the property market?

For example, should a person with wealthier parents be allowed to shore up the available properties, leaving those who don’t have the same financial support on the sidelines?

If you have a case of a few different people bidding on a property, which is a scenario we are experiencing frequently, and one has the benefit of a substantial cash injection from a parent it creates a different playing field and has a knock on effect on house prices in the neighbourhood.

A question for Government and regulators is whether the 'bank of mom and dad' is becoming a banking force in and of itself?

The 'bank of mom and dad' has always been there in the background. The difference now is that it has become more prominent.

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Volunteers wanted for street collection

By Michelle Crean October is Breast Cancer Awareness Month and local volunteers are keen to not only raise awareness but also funds. Kathrina Breen, Eleanor O’Doherty and Kathleen O’Shea who […]

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By Michelle Crean

October is Breast Cancer Awareness Month and local volunteers are keen to not only raise awareness but also funds.

Kathrina Breen, Eleanor O’Doherty and Kathleen O’Shea who have been supporting the Irish Cancer Society for many years are delighted to be able to get back to their Pink Ribbon street collection in Killarney town next Friday (October 7).

They are the only group in the country doing the collection as many fundraisers have moved online since the pandemic struck.

“We’re the only town in Ireland doing it this year,” Kathrina, who feels it’s important to keep a street collection going, told the Killarney Advertiser.

“We haven’t done it in two years since before COVID. I pushed to do it as it raises a lot of money. People have been supporting this for years, this money goes towards breast detection equipment, information leaflets in doctors surgeries and towards cancer grants.”

In 2021, donations helped 254 breast cancer patients with free transport to and from 2,380 chemotherapy appointments by volunteer drivers, 154 patients received 514 nights of end-of-life care from Night Nurses and 3,430 enquiries were made about breast cancer through the Freephone Support Line 1800 200 700 and at 13 Daffodil Centres across the country.

And she added that they’re looking for a few volunteers to help out on the day.

“If anyone would like to help they can contact me on 087 2612992.”

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Calls for Council to acquire vacant Rock Road properties

By Sean Moriarty There are calls to make two vacant properties on Rock Road available to Kerry County Council’s housing inventory. The two cottages, one either side of the entrance […]

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By Sean Moriarty

There are calls to make two vacant properties on Rock Road available to Kerry County Council’s housing inventory.

The two cottages, one either side of the entrance to St Finan’s Hospital, are vacant for some time.
Cllr Maura Healy-Rae raised the issue at a recent Killarney Municipal District meeting.

“Regarding two vacant houses at the entrance to St Finan’s on Rock Road which appear to be vacant for a significant period of time. One of the properties is in the ownership of the HSE. I requested that Kerry County Council would liaise with the HSE with a view to potentially acquiring this house,” she told the Killarney Advertiser after the meeting.

“I stressed that it is important that the local authority exhaust all possibilities when it comes to providing more houses, particularly properties located within the town of Killarney where the need and demand for housing is critical.”

Kerry County Council said it would get the Vacant Homes Officer to contact the owner of the privately owned bungalow.

“They will inform the property owner that there is funding available under various schemes and grants to aid the return of this property to habitable use. Such schemes include the Repair and Lease Scheme and the recently launched Croí Cónaithe vacant property grant,” said a Council official.

Cllr Healy-Rae added: “I requested that KCC would liaise with the HSE with a view to potentially acquiring this house.”

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