Ms Marian Finnegan:

The challenge is to look at the total quantum that is required. Some of it will be social housing, some will be student accommodation and some will be private housing. The challenge we face at present is the complete dysfunctionality of both markets - on the new housing construction side, which we have discussed in terms of development, and on the second-hand side, which is dysfunctional because of a hangover from the recession whereby people are tied because of negative equity, bridging finance or tracker mortgages, so they are not bringing their properties to the marketplace. The entire market has ceased to exist correctly. As a result, there is an abnormally low quantity of product being put on the market for sale and, equally, an abnormally low quantity is being developed. The solution for the future is obviously to increase the total quantum, and social housing clearly forms part of that. A significant proportion in the regional centres being devoted to social housing is critical, but we must get the package right to make it viable. Just as it is not viable to build apartments in most, if not all, of the country at present, it is equally still not financially viable to develop social housing in the current structure. It will require a capital injection. That will be a challenge. It is certainly one area that must be addressed.