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Soaring house prices hinder first time buyers

5 June, 2006

Sinn Féin Housing Spokesperson, Fra McCann MLA commenting on the latest University of Ulster quarterly index produced in conjunction with the Housing Executive and the Bank of Ireland showed that house prices were increasing by £600 a week said that this means first time buyers will find it harder to get on the property ladder and warned that this was evidence of the growing impact of property speculators and the but-to-let market.

Mr McCann said:

"Across Ireland house prices are spiralling beyond the reach of ordinary people, particularly first time buyers and young families.

"The housing market is becoming increasingly dominated by the buy-to-let market and the activities of property developers and speculative landlords who are forcing up house prices and rents.

"At the same time there is little growth in the provision of social housing and very little progress in the provision of affordable housing. Recent Housing Executive figures also show that the problem of homelessness is getting far worse." ENDS

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