Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

The Minister of State is not saying anything new. Nobody is saying that it involves 100% of the market but institutional investors' share of the market is growing rapidly because they are buying more and small landlords are getting out. The reason why small landlords are getting out is because they are taxed to within an inch of their lives. A total of 52% or 53% of the rent a small landlord gets goes on tax. Does the Minister think it is fair that there is a different tax system for institutional investors versus small landlords? I do not think it is. Does he think it is right that these funds are coming in, distorting the market and driving up the cost of properties and rent?

6 o’clock

Savills projects that rent will increase by a further 17% in the next three years. I really do not know how people can afford to rent any more.

If the Minister of State wants to talk about supporting and changing the market, he needs to support the young couples who dearly want to get into the market and buy their first house but who are unable to do so. As for the Rebuilding Ireland mortgage which the Government announced and launched and which was hailed as the panacea for all things, that money has been used up and the criteria for the scheme are very restrictive. I have been in contact with a young man who is separated and looking to buy a second house with his new future wife. Due to the fact that he was in a situation before, he was automatically disqualified. The scheme is far too restrictive.

If we want to change the market and support our citizens, the Government needs to change the regulations brought in a number of years ago that drove up the cost of houses. I am not talking about reducing the number or quality of the regulations or their quality but the time it takes to go through the certification process in the Republic of Ireland should not be a multiple of the time it takes in Northern Ireland. That simply should not be the case. We need to suspend development levies for developers who are willing to sell their houses as affordable houses to young clients. What we should be doing is giving breaks to our own citizens, not tax breaks and incentives to large institutional companies to come in and piggyback on our citizens. Unfortunately, the Minister of State has said nothing thus far which gives me any comfort that the Government will change tack.

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