Cyprian Brady (Fianna Fail)

The benefits are there for all to see. Basic economics tell us that the strength of demand influences the cost of supply. The Government recognised this at an early stage and the entire thrust of policy has been to increase supply. Accordingly, house price inflation has fallen from 48% in 1998 to 11% now. As the Minister observed, house prices are moving in the right direction.

The provision of affordable housing is key to reducing the waiting lists that exist in some local authority areas. I have, however, spoken to some Members whose local authority does not have a waiting list. It is not sufficiently highlighted that the needs of all those seeking housing in these areas have been met. Dublin City Council has a large waiting list but it is very much to the fore in regard to affordable housing. An example in my area is the docklands. Anybody who drives around that area will see it is totally transformed.

The Part V allocations, including social and affordable elements, are coming through on developments initiated in the last 18 months to two years. Last week, for example, both a co-operative housing development and a private development with a 20% allocation of social and affordable housing opened on the south quays. These units are available to people with a connection with the area, whether they live, work or have family there. An increase in the numbers of Part V allocations is to be welcomed. The system will bear fruit in the end. In some cases, ten-year permissions were granted so it will be some years before they come through. We are on the right track, however.

The Minister and I did a small calculation while Senator Bannon was speaking about the 193 units resulting from the swap that took place in regard to Harcourt Terrace. If we accept Senator Bannon's line, those units would cost some €300 million to produce in the space of four to six months on less than half an acre. In this scenario, it follows that an acre of land could cost between €700 million and €800 million. This shows how out of touch Senator Bannon is on the benefits of these schemes.

While one-off housing is largely a rural phenomenon, it is becoming more prevalent in urban areas. Throughout Dublin city, houses are increasingly being built inside gardens. This is most prevalent in settled estates, whether originally council or private housing. We must monitor this issue.

The Minister took part in a Dáil debate last night on management companies. Difficulties in this regard relate particularly to apartment complexes, of which there are many in my constituency. In many complexes, residents must pay a fee for security and general management services. It is not like joining a residents' association in that residents have no input into choosing the management company and their lease or purchase conditions may oblige them to contribute. They may or may not get adequate services. In a number of complexes in Dublin city, for example, there are major problems with refuse removal and maintenance of elevators, stairwells, windows and open spaces.

We must tighten the regulations relating to the responsibilities and operation of management companies. I am aware the Minister is examining this issue. I do not agree it is primarily the responsibility of the apartment owner. The responsibility is on the developer initially to provide an effective management company and ensure it will fulfil all its assigned functions. A person moving into an apartment complex does not always have a choice in the matter and may have no input into its ongoing management.

I thank the Minister, Deputy Roche, and the Minister of State, Deputy Batt O'Keeffe, for coming to the House. We are on the right track in regard to housing provision.