Vol. 510 No. 6
50 Ms McManus asked the Minister for the Environment and Local Government the level of increase in the price of new and second-hand houses in the first nine months of 1999; the anticipated increase for the full year of 1999; the additional steps, if any, being taken to control the increase in the price of housing; and if he will make a statement on the matter. [23317/99]
House price statistics published by my Department are derived from returns made by mortgage lending institutions in respect of all housing transactions. As final figures are not yet available in respect of all institutions for the September 1999 quarter, I regret I am not in a position to provide information on price trends for the first nine months of 1999 at this stage. In line with the accepted practice for many years my Department does not publish projections of future house price levels.
The Government has implemented a comprehensive range of initiatives to stabilise house prices, increase housing supply, and make available more affordable housing. There is clear evidence that these measures are having significant effects.
House price statistics for the June quarter of 1999 contained in the housing statistics bulletin published by my Department showed a number of positive trends in house prices. For example, the annual rate of increase in new house prices in Dublin was lower than at any period since the last quarter of 1996. These indications of house price moderation have been backed up in data and statements from housing market sources generally.
It is important also to point out that housing output continues to increase significantly. New house completions nationally are up more than 11 per cent in the first nine months of 1999 on the same period in 1998 and last year's record level of over 42,000 completions is likely to be significantly exceeded this year. In Dublin, the most critical area in relation to housing demand and supply, the increase in output is running at 18 per cent in the first nine months of this year compared to the same period last year.
51 Mr. McDowell asked the Minister for the Environment and Local Government if he will make a statement on the recent report of the Law Reform Commission on gazumping; the plans, if any, he has to implement the recommendations made by the commission; and if he will make a statement on the matter. [23315/99]
71 Mr. Hayes asked the Minister for the Environment and Local Government if he will respond to the recommendations contained in a recent report of the Law Reform Commission on gazumping. [23276/99]
I propose to take Questions Nos. 51 and 71 together.
I welcome the Law Reform Commission report on gazumping as a comprehensive examination of the system of payment of booking deposits in property transactions both in Ireland and internationally.
I am now having the report and recommendations examined in my Department. I also understand that my colleague, the Minister of State at the Department of Enterprise, Trade and Employment will be examining the report, in consultation with the Director of Consumer Affairs, particularly in relation to the recommendations which have implications for the consumer protection legislation for which he is responsible and for which the director has statutory enforcement powers.
I will consult further to establish the necessary legislative or other measures to be taken to ensure that house purchasers as consumers are fully informed and adequately protected during what for most people is the most significant transaction of their lives.
