Sinn Féin spokesperson on Housing Eoin Ó Broin TD has called on the Minister for Housing Darragh O’Brien to tackle the rising cost of homeownership by increasing investment in the public delivery of homes.

The Dublin Mid-West TD said this would provide competition to the private market and help drive prices down.

Teachta Ó Broin said:

“The report on the housing market published by the Parliamentary Budget Office paints depressing picture of the reality of the housing system here.

“Rents up 40% since the economic crash, more than a third of young people in their mid to late twenties living at home with their parents; and homeownership rates collapsing among those aged between 25 and 54.

“This report lays bare the true extent of the challenge we are facing, as a whole generation is condemned to a life of extortionate rents, as house prices continue to rise beyond the reach of ordinary workers.

“The latest CSO house prices report indicated that the median cost of buying a new home is now €415,000 in Dublin and €394,000 in Cork City.

“The government knows all of this. Yet, it chooses to further inflate house prices with inflationary schemes like ‘Help to Buy ‘and the ‘Shared Equity Home Purchase’ scheme.

“The only way to tackle rising house prices and allow people to access homeownership is for the government to invest in the large-scale delivery of genuinely affordable homes to buy.

“If the ambition and the investment is large enough it will push private sector costs down.

“The Minister is only investing an additional €60m in its affordable purchase fund this year. Sinn Féin in government would deliver 2,000 genuinely affordable purchase homes a year as part of an overall investment of €3bn in public housing in 2022.”