New CSO house price figures paint a hopeless picture for homebuyers - Eoin Ó Broin TD
Sinn Féin spokesperson on Housing Eoin Ó Broin TD has commented on the publication of the latest house price figures from the CSO, stating that the increases paint an "increasingly hopeless picture for homebuyers".
Teachta Ó Broin said:
“The latest CSO house price index shows that prices are up 4.5% state-wide in last 12 months, with house prices up 5% in Dublin City during the same period.
“Outside of Dublin, house prices were up by 4.9% and apartment prices rose by 11.3%.
“This residential property price inflation, in the midst of a pandemic, indicates that prices are continuing to rise, and homes are increasingly out of reach for homebuyers.
“To place this growth in perspective, there has been a 91% increase in house prices state-wide since 2013.
“This is with the Central Bank mortgage lending rules in place and without price hikes being fuelled by excess credit and 100% mortgages.
“Buying a home has become an increasingly hopeless prospect for ordinary people on decent incomes and I genuinely think the government does not understand the scale of the problem and level of anger out there.
“The alternatives out there such as renting for longer to save isn’t an option for many people with monthly rents now higher than mortgage repayments.
“There are fewer and fewer options out there for people, and that is deeply troubling.
“We need to reverse this trend and start providing people with hope.
“The State must step in and deliver affordable purchase homes that people can afford, at scale, with no hidden equity charges.
“Action must be taken. The government has an opportunity with its new housing policy and with Budget 2022 to truly make a difference for all those ordinary workers struggling to buy a home.”