Enda Kenny (Mayo, Fine Gael) | Oireachtas source

No, it is not the truth. The problem here is the supply of houses throughout the country. Anyone can understand that there is real pressure in certain segments of the housing sector. The Deputy can nod his head if he likes. I read a report this morning that said that 49 houses priced between €400,000 and €700,000 were snapped up inside a day by those who could afford them. There are no difficulties in certain areas.

It is true to say that there is a serious issue here. A total of 40,000 vacant units have been bought by the State in the past five years. If the Deputy had given me the details of the situation about which he spoke, I could probably have given him an accurate answer but I can say to him that the report about rental prices and rent pressure zones shows that rent inflation has slowed over the past quarter. The rate of increase in Dublin rents between quarter 4 of last year and quarter 1 of this year was significantly lower than the rate of increase over the year. Quarterly inflation registered in quarter 1 of 2017 was 0.7% in south County Dublin, 1.4% in west County Dublin, 1.6% in north County Dublin, 1.5% in north Dublin city, 2.1% in Dublin city centre and 1.4% in south Dublin city. I am sure the Deputy will be interested in the figure of 0.7% for south County Dublin.

There is also strong rent inflation in the commuter counties. The increases are placing huge pressure on tenants, particularly those seeking new accommodation. The Daft.iereport notes that rent increases faced by sitting tenants have generally been lower than for those seeking new accommodation. Rebuilding Ireland and the Government's strategy for the rental sector state that severe shortages in supply in key locations are driving these rent rises. That is why the housing programme prepared by the Minister for Housing, Planning, Community and Local Government, Deputy Coveney, emphasises the need to deal with the question of supply. On several occasions in this House I have given details of the initiatives, opportunities, Government action and money that is being provided for local authorities and both public and private developers to deal with the housing supply issue. There are cases of objections and this, that and the other but this is the real issue that Government is trying to address. Deputy Boyd Barrett knows as well as I do that to go from 90,000 houses being built per year to less than 9,000 takes some recovery. The Deputy mentioned NAMA acquiring properties. It was a portfolio worth €80 billion. NAMA will have done its job when it gives the taxpayer approximately a €2 billion-plus surplus within the timescale involved. Those who acquire those houses are subject to the law of the land.

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