‘It’s Buyers who are suffering’ – House-Building Firm goes Bust amid ‘red Tape’ and Rising Costs

‘It’s buyers who are suffering’ – house-building firm goes bust amid ‘red tape’ and rising costs

House buyers have been left in limbo two years after paying deposits as their developer enters Receivership.

A director of the building company Alder Homes has said he no longer plans to develop new homes as the system has “become too tied up in bureaucracy”.

Eugene Finn told Irish Independent’s Amy Molloy that the housing crisis will worsen as “there are many issues bubbling under the surface in the construction sector”.

“The most disappointing part is not being able to finish those houses for these people that I had personal contact with for the last two years,” Mr Finn said.

“It’s a very disappointing situation and the most frustrating. It’s the buyers who are suffering. I know how much rent they’ve paid. I know how much pressure they’re under from their landlords. I know exactly every single pain point they have.

Alder Homes was involved in building two estates in Co Kildare, – Cluain Dara in Derrinturn and Ballintine Park in Naas.

The latter is nearly completed.

While dozens of houses were built in Cluain Dara, 15 properties are unfinished and buyers are now left in limbo about whether they will get to move into their new homes. Some paid deposits for their houses nearly two years ago.

Mr Finn said the project was met with delays because of “red tape” issues with various authorities. Due to lengthy delays and rising construction costs, the company funding the development became concerned.

Receivers KPMG said: “The receiver intends to complete the remaining units subject to an on-going assessment of the current situation and engagement with a number of stakeholders.

“We understand that many people are anxious for a comprehensive update. As soon as we have finalised our assessment we will communicate with all involved.”

Some of the properties were to be used for social housing. Others have yet to be sold.

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Credit to : Irish Independent

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