Sinn Fein say cuckoo funds are leading to the huge increase in rents

Families are being outbid on new homes by cuckoo funds while rents continue to soar.

That's according to Wexford Sinn Fein Councillor Tom Forde. Last year investment groups bought 4,900 Irish homes for €2.27 billion - and in turn those homes are rented to Irish families. Speaking on Morning Mix Cllr Forde says cuckoo funds are one of the reasons many are facing huge rents. "When they do this, they take control of the market. They charge extortionate rents and know that hardworking families will have no choice but to pay them. "These cuckoo or vulture funds, their sole purpose is to get a maximum return on their investment so it's very frustrating. "What's heartbreaking about this situation is that it's being facilitated by our government. "Like these investment funds have been allowed and encouraged to operate purely due to government policy." Back to news Follow South East Radio on: Facebook – Instagram – Twitter – Linkedin