June 18, 2024
New homes for purchase on market stagnating under Fianna Fáil and Fine Gael – Eoin Ó Broin TD

Sinn Féin spokesperson on Housing, Eoin Ó Broin TD, has said that the number of new homes for purchase on the market is stagnating under Fianna Fáil and Fine Gael.

The Dublin Mid-West TD’s comments were made as Minister for Housing Darragh O’Brien claimed that 50,000 homes were protected from bulk purchase by institutional investors.

Teachta Ó Broin said:

“Today, the Minister for Housing Darragh O’Brien has claimed that he has protected 50,000 family homes from being purchased by institutional investors. However, what the Minister left out of his statement is that the vast majority of these homes have not yet been built and the number of homes being bulk purchased by funds remains unacceptably high.

“Meanwhile, the Central Bank of Ireland has expressed concern at the delay in translating planning permissions into commencement and commencements into completions – all of which is undermining the increased levels of supply that we need.

“The number of new homes for purchase on the market is stagnating under Fianna Fáil and Fine Gael. Last year 8,911 homes were available for purchase, down slightly on the 9,049 that came to market in 2023. Last year’s figure was close to the 8,679 homes that came to market in 2019.

“While planning permissions are up, far too many homes are not being built. Of those that are, too few are being made available for working people who want to own their own home. Institutional investors are still being allowed to buy-up far too many houses and apartments in turn renting them out for extortionate prices.

“Government is not delivering enough affordable homes for people to rent and buy. And their policies are incentivising an overpriced build-to-rent sector at the expense of the owner-occupier sector. The next result of these two failures is rising prices and inadequate supply.

“Today’s announcement by the Minister is nothing more than a smokescreen to conceal the fact that his housing plan is not working. Home ownership continues to decline. Government affordable housing targets are too low, not being met and too many of the homes are not even affordable.

“Only a new government with a new housing plan delivering tens of thousands of affordable homes can reverse the damage done by decades of bad Fianna Fail and Fine Gael housing policy.”

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