Maurice Quinlivan (Limerick City, Sinn Fein) | Oireachtas source

Since this Government came into office, we have seen property prices increase by a staggering 28%. There are several reasons for the increase in house prices and many of them relate to the failed housing policies enacted by this Government. In Limerick city, we have seen a year-on-year increase of almost 10%. If you are not fortunate enough to have access to the bank of mum and dad, it is extremely difficult to accumulate the money needed for a deposit while still paying rent. The supply of houses has fallen short of demand ramping up prices.

In many parts of the State, particularly Dublin, some of the supply is quickly snapped up by vulture funds. The recent purchase of 85% of the houses at Belcamp Manor by a vulture fund is evidence of a failure to support workers and families. The Government allows these investment funds to gobble up available supply with an average worker having little to no hope of competing.

What happened at Belcamp Manor is not some anomaly. It is a direct result of this Government's failure to take any meaningful action to stop the bulk purchase of properties. Analysis supplied to Deputy Doherty today showed that 623 properties were bought by 16 investors in 2023. The figure shows a 71% increase in the number of properties bought compared with 2022 when 395 properties were bought by 15 investors. It is a 233% increase on 2021, the year in which the surcharge tax was introduced. Figures from August 2023 show that 68% of people in their late 20s were living at home. We have to change the way we look at housing in this country because it is beyond the means of most working families.

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