The David McWilliams Podcast The Nationalisation of the New Home Market
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Aug 26, 2025 The government has quietly become the largest buyer of new homes, dominating the market and inflating prices. This has pushed first-time buyers out, creating a scenario where up to 85% of new builds are state-acquired, despite wages struggling to keep pace. The podcast uncovers the paradox of a housing crisis, driven by state intervention. It also questions how estate agents have lost their sway and why vital professionals are leaving Ireland despite a surge in government spending. The historical evolution and local ramifications add depth to this urgent discussion.
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State Is Now The Biggest Buyer
- The state has quietly become the largest purchaser of new homes, pushing demand from the public to the public sector.
- This influx of state buying is a major driver of rising Irish house prices despite stated goals to reduce them.
Estate Agents Losing Sales
- An estate agent told McWilliams they see many developments but almost no private sales through estate agents anymore.
- That anecdote illustrates a disappearing traditional sales channel as the state buys new stock directly.
Forward Sales De‑Risk Builders
- Builders record large 'forward sales' where the state buys land and contracts builds, de-risking developers.
- That setup lowers builders' capital costs and raises their profits while locking in high sale prices for the state.