Two of Ireland’s top property developers have announced plans aimed at injecting movement into the housing market, which include offering buyers interest-free loans.

Radora and Glenkerrin Homes are expected to unveil further details of the scheme today.

The plans have been designed to assist potential house-buyers in a number of Dublin locations, including Stillorgan, Elm Park, Ballinteer and Palmerstown.

Glenkerrin’s Ray Grehan, speaking this morning, dismissed claims his firm was facilitating bad financial practice, by offering buyers a loan for their deposits.

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In relation to ongoing market problems, Mr Grehan said: "Builders step in where lenders fear to tread," and summed up the situation as "a lack of money and a lack of confidence".

Homes in Dublin’s Elm Park have already dropped prices by around 20% to stimulate interest.

Developer Radora is expected to offer buyers interest free loans of up to 30% of the property price, which will be paid back within five years.

According to a statement, Glenkerrin has proposed to step in and help out people who are no longer eligible for secure loans of up to 95%.

Those buying from the company’s portfolio in Stillorgan, Ballinteer and Lucan have to pay 5% of the asking price as a deposit.

However, they will now be able to take advantage of an interest-free loan of 15% of the price, to be repaid in seven years.

(PR/KMcA)