Martin Ferris (Kerry, Sinn Fein) | Oireachtas source

While I welcome an opportunity to speak on this Bill, which purports to give first-time buyers an opportunity to buy a house, I agree with Deputy Darragh O'Brien's comments made in the media that it is not acceptable that whole developments and estates are being bought by investment groups and similar to the detriment of first-time buyers. The question the Minister must ask is why that is happening, especially as such investments are clearly impacting on the housing market. It is happening because this Government, with the support of Fianna Fáil, introduced big incentives and cut-price sell-offs of large quantities of estates and properties to such investment groups and cuckoo funds. The Minister cannot have it both ways; he cannot run with the hare and chase with the hound.

The Fianna Fáil Bill is an anomaly in that it objects to a situation which Fianna Fáil supports and has helped create. The Bill will require substantial changes as it raises several discrepancies that would need to be addressed later in committee. The Bill does not sufficiently address the housing crisis or the difficulties people face when trying to get into the housing market.

I will address some of the problems the Bill raises. While the Bill would provide for a percentage of a development to be set aside for first-time buyers, there is no cap on the cost of the properties for first-time buyers, nor is there a clear indication of the percentage that would be set aside. Buying a house, particularly in Dublin, has been made increasingly more difficult as house prices continue to soar. More people are being excluded from the housing market, putting the prospect of owning a house out of the reach of most people.

I find it difficult to understand how Fianna Fáil supported a position to change the Part V provision whereby private developments had to give 20% to social and affordable housing and then supported a position which reduced that to 10% without any provision for affordable housing. It was an appeasement to the private sector and to builders.

Recently, Fianna Fáil did a volte-facein regard to supporting our Bill, which was very welcome.

While we support this Bill, it requires a great deal of work and amendments for it to be of any relevance to the housing crisis in which we find ourselves. I expect a substantial number of amendments will be tabled on Committee Stage to address that.

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