Sinn Féin spokesperson on Housing, Eoin Ó Broin TD, has said that government housing policy is pushing house prices up.

His comments were made as the CSO reported on the February property price index showing house prices up 6% in the year to February and new house prices up 9%.

Teachta Ó Broin said:

“The latest CSO property price index shows house prices continuing to spiral upwards. Not only are prices rising, but the rate of increase is accelerating.

“The significant gap between new and second-hand house prices is clearly being driven by inflationary demand side schemes such as so-called Help to Buy and the high-risk First Home Scheme.

“Meanwhile, the majority of firstti-me buyers, unable to afford new homes even with the government’s various schemes, are competing for a dwindling stock of second hand homes.

“To make matters worse, the government continues to miss their whole inadequate affordable home targets.

“Just over 1000 affordable homes were delivered by the government last year of a target of 2500 to be delivered by Local Authorities, Approved Housing Bodies and the Land Development Agency.

“The consequence of failing to deliver an adequate volume of affordable homes, combined with inflationary developer subsidies, is driving house price inflation.”