Sinn Féin spokesperson on Housing, Eoin Ó Broin TD, has said that spiralling house prices confirm that the Government’s housing plan is failing.

The Central Statistics Office’s Property Price Index today shows that house prices in 2023 breached their previous Celtic Tiger peak and that new house prices have increased by 9%.

Teachta Ó Broin said:

“Today’s report from the CSO is more bad news for struggling home-buyers. House prices are now higher than the Celtic Tiger-era peak.

“The report also shows that new home inflation was just above 9% last year, significantly above second hand homes.

“Spiralling house prices confirm that the Government’s housing plan is failing.

“In fact, their policies are making things worse.

“Their affordable housing targets are two low. They are not being met and many of the homes being delivered are simply not affordable to the majority of working people.

“Meanwhile, the Government’s reckless demand supply subsidies such as so-called Help to Buy and the controversial Shared Equity Loan Scheme are pushing up new house prices.

“The consequence of this is rising prices, sluggish supply and limited affordability.

“The consequences are emigration, overcrowding and too many people forced into an insecure and expensive private rental sector that does not meet their needs.

“The only way this housing crisis will be brought to an end is with a general election, a change of Government and a change of housing plan.”