Shane Cassells (Meath West, Fianna Fail) | Oireachtas source

I do not disagree with the recommendation but it is a very important petition in the context of the manner in which the petitioner has suggested a course of action on the issue of housing and apartment developments being bought up by large investment companies, which is a huge problem. We cannot get away from that fact. At the end of the petition, the petitioner states "This is from a millennial worried about my prospects in the housing market in the future other than renting". It is worth noting that for the first time in the history of the State, we have fallen behind the EU average rate of homeownership of 69%. We are behind Germany, which is supposed to have the model that pursues renting as the option, in home ownership rates. Less than 20 years ago, the average age at which a person could buy his or her own home was in his or her 20s. I was approximately 25 when I bought the home I live in now. It is now in a person's mid-30s when he or she can buy.

The petitioner has touched on a major issue in respect of properties. It is a matter the Committee of Public Accounts touched on when the National Asset Management Agency, NAMA, was before us to discuss large developments being bought up by investment funds while squeezing potential first-time buyers out of the market. In that context, Fianna Fáil introduced the Planning and Development (Amendment) (First-Time Buyers) Bill 2019 in the Dáil yesterday through Deputy Darragh O'Brien to allow local authorities to designate up to 30% of zoned land for first-time buyers. Initiatives like that to tackle this issue in the context of what the petitioner has said are worthy of consideration. I would not pursue the method the petitioner proposes, but investment companies buying up these properties is fundamentally wrong. It is a slight against the country. Those of all political hues can agree when investment companies are squeezing first-time buyers. Looking at the statistics, home ownership figures are falling behind those in countries with a supposed rental model. That is worrying for this country. It was good to have the petition before the committee. As Dáil and Seanad Members, I hope that we tackle it.