Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I thank the Deputy for his question. It is important to note that the problems we are facing in the housing sector were 15 years in the making and they cannot be fixed in two years. However, we are seeing some interesting developments in the housing market. For example, house prices were still falling in 2012 and while they are dramatically increasing again, they are still 21% below the peak of 2007. There are still a number of people in very difficult circumstances in terms of negative equity. In the first four months of this year, there has been a slowdown in price increases. If this trend continues this year, there will be single digit price growth this year, which is a welcome development.

We started with social housing because we have to look after our most vulnerable people. Rebuilding Ireland sets out the ambitious plan of the provision of 47,000 - now 50,000 - homes using the €6 billion funding made available. At the same time, we recommenced building in the private sector. Last year, 14,500 homes were built, which is very welcome. Many commentators and bodies had underestimated the level of building. This year, the stock of social housing will increase by approximately 7,900 new homes. I have signed the commencement order which means that in the next four weeks, working with the local authorities and the joint Oireachtas committee, work can commence on the regulations in terms of access to the affordable schemes and on designation of the lands to be used for these schemes. In light of the additional €50 million, we now have a much bigger fund for affordable purchase homes. I hope to see affordable purchase homes delivered this year. Provision of 4,000 homes is our minimum ambition from local authority land only.

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