Bernard Durkan (Kildare North, Fine Gael)
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94. To ask the Minister for Housing, Planning, and Local Government the extent to which he continues to investigate the manner whereby houses continue to be snapped up by investors, thus narrowing the market for first-time buyers and those in need of affordable houses/local authority houses; the degree to which he continues to monitor the number of people still on local authority waiting lists having paid rent to investors, in many cases for more than twenty years, and who now find themselves unable to borrow by themselves and who do not qualify for local authority housing; if an urgent assessment of such cases can be undertaken without delay with a view to resolution; and if he will make a statement on the matter. [36584/24]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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My Department monitors multiple aspects of the housing market on an ongoing basis, including the quantum of housing purchased by household and non-household purchasers.

Suggestions institutional investors are 'snapping-up' houses is not supported by the data, sectoral commentary, or from feedback provided by the real estate sector to my Department. Indeed, available data and sectoral commentary suggests the opposite is the case, and the number of houses purchased by institutional investors is declining.

Data published recently by the CSO (data.cso.ie/table/HPA10) suggest the quantum and share of non-household purchases by institutional investors decreased year-on-year in 2023. Moreover, the CSO data also suggest that State bodies accounted for the majority of homes purchased by non-households last year, with many of these purchased for social and affordable housing.

In this regard, I am satisfied the measures introduced in May 2021 to prevent inappropriate purchase of family homes by investors, including a higher 10% stamp duty on the cumulative purchase of 10 or more residential properties (excluding apartments) and planning measures to prevent the bulk-purchase of 'own-door' houses and duplexes, are having the desired effect. Regarding the latter measure, between May 2021 and June 2024, an estimated 50,000 or so homes have received planning permission with conditions restricting bulk-purchase or multiple sales to a single purchaser.

Data also shows first-time buyer activity continuing to strengthen, with the number of first-time buyers in the year to June 2024, some 28% higher than the same period in 2021, and increasing as a proportion of all household buyers from 32% to 35% over the same period. At the same time, the most recent mortgage approval and drawdown data show mortgage activity at its highest level since before the financial crash.

I am confident such robust first-time buyer activity is supported by the measures introduced by the Government to help those aspiring to purchase their own home to do so, including the First Home Scheme, with more than 4,800 approvals issued since the scheme launched in July 2022 and to which Government committed an additional €100 million in Exchequer funding last week.

My Department does not collect data on the number of households on the social housing waiting list who may be renting from an institutional landlord or who have done so in the past.