Seanad debates

Wednesday, 16 June 2004

Housing (Stage Payments) Bill 2004: Second Stage.

 

6:00 pm

Photo of John Gerard HanafinJohn 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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