Government’s failed housing policy pushing home ownership further out of reach
Government’s failed housing policy pushing home ownership further out of reach - The Labour Party
- Annual asking-price inflation has increased to 5%, according to the latest MyHome report.
Labour housing spokesperson Conor Sheehan TD has said the latest MyHome report, showing annual asking-price inflation rising to 5% between April and June, provides further evidence that Government housing policy is failing families, renters and first-time buyers. Responding to the publication of the report today, Deputy Sheehan said the continued rise in prices and growing levels of evictions demonstrate the need for urgent State intervention, including the establishment of a State construction company and a temporary ban on no fault evictions.
Deputy Sheehan said:
“The latest MyHome report is yet another reminder that Ireland’s housing system is completely broken. Rising asking prices are not a sign of a healthy market. They are the direct consequence of years of failed Fianna Fáil and Fine Gael housing policy, which has placed far too much faith in a private market that is clearly not delivering for people.
“We are seeing the consequences of that failure every day. House prices continue to climb while supply remains at record lows. Government continues to rely on the same failed approach while ordinary people pay the price.
“Perhaps the most shocking finding in the report is the 50% increase in tenancy termination notices, which is presented as though it could improve market liquidity. Behind every one of those notices is a household facing enormous uncertainty. These represent the highest levels of eviction since the Famine and a direct pipeline from the private rental market into homelessness.
“The report also notes that, on average, a home changes hands only once every 50 years. That is a stark illustration of the chronic lack of supply that has developed under successive governments. We have failed to tackle vacancy, dereliction, land speculation and land hoarding. Developers continue to sit on valuable land without consequence while Government stands back instead of taking decisive action.
“The Housing Commission has already made clear that Ireland faces a housing deficit of at least 256,000 homes. Government must finally acknowledge the scale of that challenge and respond accordingly. The State has led the construction of homes before and it must do so again through the establishment of a State construction company that can deliver the homes people need. Alongside that, we urgently need a temporary ban on no fault evictions to stop more families being forced out of their homes and into homelessness. Government cannot continue to defend a housing system that is failing so many people. It is time to take responsibility and deliver the scale of action this crisis demands.”