Eamon Gilmore (Dún Laoghaire, Labour)

I put it to the Minister of State that it is spurious comparing affordability now with affordability in 1991-92, when interest rates shot up dramatically on foot of the currency speculation which took place at the time, and which was unique to those years. The most recently published figures show house price increases in the first four months of this year are the highest in six years since the early part of 2000.

Can the Minister of State give some explanation to the House why house prices are now rising, especially given the very high level of output from the construction industry and the increase in supply of housing? Does he consider that Irish houses are now over-priced?

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