Seanad debates
Wednesday, 16 June 2004
Housing (Stage Payments) Bill 2004: Second Stage.
6:00 pm
John Gerard Hanafin (Fianna Fail)
While the rate of house price increases is still problematic, this has moderated considerably since the late 1990s when price increases peaked at 40% per annum in 1998. A number of market commentators, including the Central Bank, are now predicting greater balance in the housing market over the next few years, as increased supply has a dampening effect on house prices. Indicative data available to the Department shows that first-time buyers continue to have a significant presence in the housing market. This is supported by the CSO quarterly national household survey for the third quarter of 2003, which indicates that almost 50% of house purchasers since 1996 were first-time buyers.
I welcome the introduction of a Private Members' Bill. I commend the Minister of State on avoiding a knee-jerk reaction, something for which the Opposition often criticises the Government. The Minister of State is prudent and is waiting until everything is in order before he brings a Bill before the House.
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