Time for implementation of a Rent to Buy housing scheme

16 May 2022

Labour housing spokesperson Rebecca Moynihan has called for the introduction of a Rent to Buy housing scheme to help those caught in the rent trap get on the property ladder. With the cost of buying a home soaring nationwide, Senator Moynihan said time has come for government to be open to structural policy changes to protect the most vulnerable people in the housing market.

Senator Moynihan said:

“Figures published by the CSO today are incredible. Every week we see the cost of buying a home rise more and more with no end in sight. It’s dispiriting for most, particularly the many renters in Ireland who have ambitions of owning a home of their own.

“The increase in apartment prices throughout the country, 12.9% in Dublin and 17.6% outside of the city, demands immediate action from government. For too long, we have been behind the curve in developing an appropriate mix of housing stock to suit people at every stage in their lives.

“We know that over 400,000 people live alone in this country, many of whom are eager to get on the property ladder. From the figures published today, it’s highly unlikely that they can have an aspiration of buying a house or an apartment any time soon.

“Instead of meaningless acknowledgements that the crisis exists, as we saw Tánaiste Leo Varadkar give in the Dáil last week, what we actually need to see is a strategic plan to address this crisis, starting by addressing the crisis in the rental market to steady the ship until more supply comes on stream.

“Once again, Labour is calling for a three year rent freeze, as well as increased rights for renters so they can feel secure in their home. Government needs to be more ambitious in its plan, including considering a Rent to Buy housing scheme to help those caught in the rent trap get on the property ladder.

“We need to see government increase their targets for social and affordable homes as laid out in Housing for All. The State needs to pick up the pieces from where the private sector has failed.”

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