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South Dublin house prices fall by five times the national average

10 April, 2008

South Dublin Sinn Féin Representative Shaun Tracey has called on the Government to put in place measures to help vulnerable people on low and average incomes in South Dublin who are at risk of negative equity and facing repossession of their homes.

Mr. Tracey was speaking this week after a survey showed that house prices in South Dublin have fallen by €40,000 or 6% in the first three months of 2008 -- five times that of the national average.

Mr. Tracey said, "House prices throughout the state fell on average by 1.2% in the first quarter of this year. However, in South Dublin, house prices fell by five times that figure at 6% or €40,000 to put a figure on it. This represents the highest drop in house prices in all regions throughout the state.

"Thousands of new homes have been built in developments throughout South Dublin in the past decade and as a result many young families have now settled in the area. However, due to irresponsible, 100% home loans, being handed out by banks at the height of the property boom, many families are struggling to meet their repayments and are facing negative equity.

"The Government must step in and help vulnerable families on low and average incomes who were forced to over-borrow to purchase their homes due to a lack of social and affordable housing in South Dublin. They stood idly by and failed to intervene when Sinn Féin warned that these irresponsible home loans would lead to increased repossessions. It should be noted that as house prices continue to fall repossessions continue to increase.

"The Government must introduce a Mortgage Repayment Support Package to help particularly vulnerable families facing negative equity in South Dublin and throughout the state. As the slowdown in the housing market looks set to continue this problem is going to affect many more people so it is imperative that the Government acts now." ENDS

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