Barry Cowen (Offaly, Fianna Fail) | Oireachtas source

With all due respect, the completion statistics are coming from a low base. Also, using ESB connections as an indicator has proved not to be the road to go down, considering that many properties have been brought back into use rather than such connections indicating new constructions. Will the Minister introduce initiatives to address the cost of construction and the criteria associated with bank lending and the rates being charged? Has he had sight of the cost of construction analysis being done by the Housing Finance Agency, an independent assessment which was requested six months ago? Where does that stand? If he has had sight of it, or if it is nearing completion, surely he would be in a position to make recommendations which would make inroads into addressing the high cost of construction. If he were to do that, he would leave room for a margin and allow prices to come down. Supply measures can have success into the future but in the immediate term we need to get some indication of the type of interjection the Minister will make in the market to stem the appalling rise in the price of new homes. As well intended as the demand measures were, such as the help-to-buy and the deposit schemes, they have had the effect of spiralling prices in the absence of supply measures.

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