Currently, the Exchequer siphons off 41% of the purchase price of every new house sold. That amounts to nothing more than extortion by this Government. It is a disgrace and people have condemned what the Government is doing in terms of the high taxes it takes from house property. Based on an average new house price of €259,912, the revenue accruing to the State, including VAT and stamp duty, on each property is €116,381. The introduction of the new development levy will impose an additional €8,000 on each new house. In October of this year, the average house price nationally was up 14% on the same period last year and up 200% on 1996 prices. Nationwide, new houses are up by 12% on last year while the price of second hand homes is up a staggering 17%. The gap between prices in Dublin and those outside Dublin is now seven times higher than when the coalition took office.