James O'Connor (Cork East, Fianna Fail) | Oireachtas source

I thank the Minister of State, Deputy Rabbitte, for being present in the Chamber. I ask for a progress update on the ongoing house building targets for 2022. We have seen some reports in the media during the week and there seems to be a discrepancy between details provided by the Department and what will realistically be produced. I would appreciate the Minister providing an update in that regard.

I am in my mid-20s and the youngest Member in Dáil Éireann, so I am acutely aware of the significant challenges facing a new generation of people without assets who want to be able to purchase their own homes but simply cannot because of the current level of pricing. It is an enormous concern and this Government more than any other in recent memory has given it the priority it deserves. I have plenty of confidence in the current plan being put forward, although I have some concerns around who will end up owning the homes we build on completion. These are valid concerns that must be put forward and I will take this opportunity to make that particular point.

In the construction of new housing it is great to see a significant ramping up of social and affordable housing. I want to put the case for tens of thousands of young, educated working professionals who are the life of the Irish economy but who are unable to purchase their own homes. I am a Cork Deputy but I will speak about Dublin because it is important to recognise it as a primary city that is a huge part of the ecosystem of developing young working professionals who may be educated in Cork, Galway and Dublin. People travel from all over the country to work in Dublin in many of our companies across a range of different sectors at a young age before eventually transferring back to their home. That seems to be the pattern for so many young Irish working people.

Somebody who wants to rent a two-bedroom apartment in this city with the simple luxury of an en suite bathroom could expect to pay well in excess of €2,000 per month. With parking, that could go to €2,600 or €2,800 in many parts of the city. This shows the system is utterly broken.

I respect the Central Bank of Ireland's independence but we are elected by the people. It must be acknowledged that for so many people who are fortunate or in a good position to earn a high wage, it is unrealistic to expect them to get a 10% deposit if they have been paying extremely high rents over five, six or seven years, which in itself proves they are more than capable of meeting mortgage repayment obligations. As a Government we must go to the Central Bank to outline our specific concerns in that regard.

There are so many people who could buy a house tomorrow, with mortgage repayments significantly lower than rent. Although a mortgage is a major burden on every family in this country and any individual who is repaying a mortgage, at the end of the term he or she owns the asset. It would not be a cuckoo fund in Singapore, Shanghai or Tokyo owning it. It is deeply frustrating to know this when I listen to many of the esteemed economists advising there is a requirement for them to be involved with the market to push the building of new premises in this country.

The simple reality is those who are in a position to be able to purchase houses in Ireland and repay mortgages are being restricted because they are paying high rents and there is a requirement for a deposit when buying. It is perhaps something we could look at. I look forward to the information the Minister of State will provide to the House on housing provision for 2022.

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