House prices spiral as Government stalls
House prices spiral as Government stalls - The Labour Party
Labour’s Housing Spokesperson Conor Sheehan TD has said that today’s MyHome.ie report is the latest in a long line of damning evidence that the Government is failing to tackle Ireland’s deepening housing crisis. Speaking today, Deputy Sheehan highlighted that asking prices are up 7% year on year, with residential transactions now settling 7.5% above the original asking price – a devastating reality for would-be homebuyers. He called on Government to double the delivery of affordable and cost rental housing without further delay.
Deputy Sheehan said:
“In a surprise to absolutely no one, today brings yet another report about how house prices are still going in one direction – up. The latest figures show that the average asking price has surged 7% in the last year. What’s worse, homes are now typically selling for 7.5% above the original asking price. This is completely unsustainable.
“How many expert reports does it take for this Government to admit what people already know? Affordability is completely out of reach for huge numbers of people. In my own county of Limerick, prices have gone up by a staggering 9.62%. It’s no wonder so many people are giving up on the hope of ever owning a home.
“This is Economics 101. We have a supply crisis – pure and simple – which continues to hand all the power to those with deep pockets, while locking out working people. Housing for All was meant to solve this. But five years since its launch, the increased supply it promised still hasn’t materialised. Meanwhile, Fianna Fáil and Fine Gael remain at the beck and call of developers.
“The reality is that the Government is failing on all fronts. The glacial pace of social housing delivery, the lack of a meaningful affordable rental model at scale, and the repeated delays in rolling out house building are all compounding the crisis. And this is before we mention the recent shambles that has been made of the public-private-partnership announcements. None of this is accidental – it’s the direct result of failed policy choices.
“There are things this Government could and should do right now. We need to double the delivery of affordable housing and cost rental homes through the State. Only bold, direct action will deliver secure, affordable homes for all. Government must stop dragging its heels – we need action now.”