Pádraic McCormack (Galway West, Fine Gael)

The Minister for the Environment, Heritage and Local Government, and this Government, said in the past that although house prices are high, interest rates are low, so that houses have remained affordable. Does the Minister of State now accept that, on foot of the EBS report, this is no longer the case? Will the Minister of State comment on reports at the weekend that if interest rates continue to rise, as is forecast, the loan amounts for which first-time buyers will be eligible will be slashed by about €100,000? Does the Minister of State accept that such a scenario could result in a slump in demand for houses and the devaluing of houses as a result? Is the Minister of State aware of the anger which exists among young people buying houses and among their parents, who in many cases are trying to help them to buy houses, and all of whom face a difficult situation?

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