Joan Burton (Dublin West, Labour)
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I do not know if the Department has done any research into this, but professional landlords are driving rents very high and this is a significant economic factor. While the numbers in this market are small compared to more traditional investors, such as mortgage holders who buy residential property for a family, they are driving rents up to much higher levels, which means a three-bedroomed house which was available two years ago for between €1,600 and €1,800 is now heading for €3,000 or more. The banks are agents of this because they fund such investment.

This is causing many problems, especially in Dublin, where it is at of its most extreme. The pressure on wages is enormous because unless one is earning a high salary, people such as those employed in the public sector and others will not be able to afford either to rent or buy. The properties are being bought up by investors who are reaching out into all the Dublin suburbs. If the Department is following markets, has that trend come to the attention and crossed the radar of the officials? I am sure everybody is talking about it at the water cooler, because those entering the labour market as a graduate or postgraduate and earning €30,000 plus are finding it difficult to compete for accommodation with these other entrants. In terms of culture, do the officials involved in regulation and setting law have a view on this?