Mr. John Hogan:

I think there is a concern across government about the housing market at the moment. That is why we have an extensive Housing for All strategy, which looks at interventions that can assist with supply. We have the Croí Cónaithe scheme, which has been launched by the Department of Housing, Local Government and Heritage. That allows for a subvention to developments in the apartment space, which is often very attractive for first-time buyers who wish to live in city centre areas where there are viability issues with building apartments at the moment. That intervention is attempting to address that. The Deputy is absolutely right that we need much more supply. That is why many of the Housing for All interventions are focused on addressing the issue of supply.

The Deputy mentioned cash buyers moving into the market. He is right. It could be the case that individuals have done quite well and are now in a situation where they can purchase a home outright on cash but that in turn suggests they could well be trading up, which allows for the availability of homes at other tiers of the market. That churn in the market is of benefit to those who wish to participate in it. The Department is actively participating on a number of levels in the Housing for All strategy. We as a Department are very clear, and Mr. John McCarthy has said this already, that supply is the solution to the housing issue we have at the moment. Ultimately, against a situation where house prices are quite expensive, we have to ensure there is sustainable borrowing and responsible lending. There is very strong oversight from the Central Bank on that with regard to the retail banks and I expect that will continue.