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Rise in Residential Property Prices a Concern – Ó Broin

30 June, 2016 - by Eoin Ó Broin TD

Responding to the latest CSO figures that report a residential property price increase of 6.9% in the year to May, Sinn Féin spokesperson on Housing Eoin Ó Broin TD has called the increase ‘a matter of concern’.

Deputy Ó Broin said:

“The increasing unaffordability of housing is another symptom of the housing crisis. Prices are only going up, with CSO figures released yesterday showing that Dublin house prices increased by 0.4% in May and were 5.7% higher compared to May 2015. The market is proving to be increasingly difficult for anyone on an average salary or a lower income to get a foot on the ladder.

“The CSO figures are in line with figures released in the Quarterly House Prices Report published in May. The statistics are stark. According to the Daft report, since 2013, house price inflation reappeared in Dublin and within 18 months, prices had risen by over 40% on average and by almost 50% in some areas. For example in South County Dublin, the average house asking price is €517,774. Half the population earns less than €28,500 a year.

“Minister Coveney must tackle the issues surrounding access to affordable housing.

“One of the key recommendations of the Housing and Homeless Committee report tasks the Housing Agency with making an annual audit of private construction costs and comparing these with other jurisdictions. The Housing Agency would look at costs of construction, the cost of financing, development levies, the cost of compliance, levels of VAT and other issues that they may deem relevant to bringing down the cost of housing. In his Action Plan for Housing the Minister should ask the Housing Agency to report back its findings and make its recommendations within three months.” 

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