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September's CSO Property Price Register shows house prices continue to spiral upwards - Eoin Ó Broin TD

16 November, 2022 - by Eoin Ó Broin TD

Sinn Féin spokesperson on Housing, Eoin Ó Broin TD, has said that the government’s housing plan is failing. 

His comments were made in response to the publication of the CSO property price index for September, which shows that house prices continue to spiral upwards.

Teachta Ó Broin said:

“Today’s CSO property price register will make for depressing reading for those trying to buy a home. The latest figures for September show overall house price inflation at 11%. 

“Outside Dublin, the average rise is 12%. The figures for the Midlands and the West are even worse at 14% and 17% respectively.

“House prices are now 2.6% above their Celtic Tiger peak. Since 2013, prices have increased by a staggering 129%. In Dublin, since 2012, they have increased by 133%.

“Needless to say, people’s wages have not been rising at all or at levels dramatically lower than house prices. The result is that with interest rates rising, even more people will be locked out of home ownership.

“Part of the reason for this is that the government is simply not delivering enough affordable purchase homes. Last year, they delivered zero affordable purchase homes. 

“To date this year, they have delivered fewer than 500. Even if their target is met this year it is nowhere near enough.

“We need at least 4,000 genuinely affordable homes to be delivered by government every year. We also need government to change its policy with respect to private sector supply in order to bring house prices down.

“Instead Darragh O’Brien continues to throw fuel on the fire with controversial demand-side schemes like Help to Buy and Shared Equity Loans. 

“These schemes are making the housing crisis worse.”

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