Vol. 486 No. 3
93 Mr. J. O'Keeffe asked the Minister for the Environment and Local Government whether he expects house prices to increase in 1998, making it difficult, if not impossible, for first time buyers to establish a home; the measures, if any, proposed to deal with the escalation in prices; and if he will make a statement on the matter. [2474/98]
100 Mr. Penrose asked the Minister for the Environment and Local Government the measures, if any, he has taken to reduce the cost of housing particularly to first time buyers. [2447/98]
101 Ms McManus asked the Minister for the Environment and Local Government when the report will be received from the consultants commissioned to undertake a study into the factors underlying recent increases in house prices; if he will give whatever information is available to his Department on the percentage increase in new and second house prices in 1997; the projected increases in 1998; the plans, if any, he has to provide further assistance for those buying houses, especially young couples, in view of the huge escalation in prices; and if he will make a statement on the matter. [2461/98]
I propose to take Questions Nos. 93, 100 and 101 together.
Final returns on house prices for the quarter ending 31 December 1997 have not yet been received from all mortgage lending institutions. Information in relation to house prices to 30 September 1997 is contained in my Department's Housing Statistics Bulletin, September Quarter, 1997, copies of which are available in the Library. My Department does not publish forecasts of house price trends; in any event the value and reliability of such forecasts is questionable. I anticipate that the study into the factors underlying the recent increases in house prices will be completed by the end of March.
Certain measures have been undertaken in the light of increases in house prices in advance of the conclusion of the house prices study, including the establishment of a £15 million fund over three years, £5 million of which is available this year, specifically for the purpose of providing water and sewerage services which are required to open up land for house building and improvements to a range of social housing measures to increase affordability of housing for shared owners and other low income house purchasers and to enable the voluntary housing sector to meet increasing tender prices.
I would also refer to my reply to Question No. 75 on today's Order Paper.
