Light at the end of the tunnel for pyrite homeowners

Fine Gael TD for Dublin Fingal, Alan Farrell, has today (Wednesday) said that the €50 million financial solution for owners of pyritic homes announced by Minister for the Environment, Phil Hogan TD, provides a long awaited solution for the owners of homes affected by pyrite.

Pyrite is a building material which has caused significant damage to homes. It has been used in the construction a significant number of houses in north Dublin, Meath and Kildare and has left home owners facing massive bills for problems such as cracked walls and floors.

“The owners of pyritic homes, who have been through hell, can now see light at the end of the tunnel.”

“Minister Hogan, has secured up front funding of €50 million from the banking sector, has established the Pyrite Resolution Board, and has in principle agreed on a mechanism with industry stakeholders, including Homebond, to facilitate the remediation of dwellings. I welcome the fact that other key stakeholders, including the Construction Industry Federation, the Irish Concrete Federation and the Irish Banking Federation, are behind this process.

“Pyrite homeowners, many of whom bought their houses during the peak of the property boom, have had to endure the nightmare scenario of their homes being destroyed in front of their eyes.

“It is very clear to me, as someone whose home is affected by this problem, that there has been more movement on this issue on behalf of homeowners in the last six months than there had been in the previous six years. From personal experience, I can categorically state that the previous government kicked this to touch since this situation came to light in 2007.

“I commend the steadfast determination of Minister Hogan, and the clear direction of the Pyrite Panel in their efforts to find a meaningful resolution to this problem for tens of thousands of homeowners. Crucially, it has come at no cost to the homeowners who played no hand, act or part in the construction of these houses, and will not burden the taxpayer with further costs.

“Eighteen months ago homeowners were left with no solution to this problem other than the prospect of footing the bill for testing and possibly rebuilding their homes, due to the fragile state of the construction industry. Bearing in mind the difficulties that many of these homes may already be in due to mortgage difficulties and negative equity, the potential for yet another cost would certainly have pushed these families over the edge.”