Cyprian Brady (Fianna Fail)

Yes, but we have to deal with what is here. Look at the assistance that is given to first-time buyers. The first-time buyer's grant was abolished because it was not effective. We may have paid a price for that last weekend but being in Government means making hard decisions. That was a hard decision. There were internal arguments about it because some members supported the abolition while some opposed it. Ultimately, however, the decision was made to try to benefit first-time buyers in a better way. The annual ceiling on the amount of mortgage interest relief available was increased by more than 25% and there is reduced stamp duty for first-time buyers. These are practical ways of assisting people to buy their first houses.

We should examine the reasons for this so called housing crisis. It has always been difficult to buy a house. I took on three jobs so I could get a Housing Finance Agency loan to buy a house. At that time, after ten years I would have owed three times the amount I borrowed. That was the reality. It is not any easier now. Given the economic progress that has been made, people should not be surprised that there is a huge demand for new housing. There is a range of reasons for that, including the economy and demographics. People change jobs now the way people used to change cars. A young person might work in a job for one or two years and then move on.

Look at what this Government has done. It is not by chance that this country is in the ninth successive year of record house building. This country has a higher rate than the UK, despite the size of the population. It is due to the culture of home ownership so it is something we must do.

However, I agree with the Minister that measures such as this Bill must be considered carefully. I commend the Senator on introducing the Bill but if six months are required to deal with it in greater detail, particularly if there are legal difficulties, so be it. There are other options. As the Minister said, it might not require legislation. The legal issues that will be examined are complicated and must be sorted out.

Self regulation by the industry is a problem and will require further work. We regularly hear about the hard cases but it is not unlike car insurance for young people. When a young person is seeking car insurance, he or she must shop around for the best deal available. People have to be sure they are adequately insured. The same applies to housing. Six months of a delay will not change matters a great deal. The market is booming at present but even the Central Bank agrees that it is stabilising. Other options include examining the role of the Director of Consumer Affairs and the Irish Home Builders Association code of practice.

I commend the Senator on the introduction of this Bill but I have some queries about it.