I disagree with the Deputy. There is a sense of fairness to the thrust of his questions and there is a level of frustration. However, over the past ten years when our problems began, the level of housing output was exceptionally low. I suppose we were coming out of a bad economic frame in the 1980s. We got exceptional growth through the 1990s and all Governments have tried to respond to that. In addition there was huge growth in employment, a huge decrease in unemployment and a young population. I do not offer them as excuses but as the reality we are trying to deal with.
It was clear by the end of the 1990s – my colleague, the Minister of State is right – that the supply was way behind the demand. When that happens, prices are driven forward. It is clear from the figures that house price inflation, 40% in 1998 and into 1999, dropped substantially. There is a number of reports, to which the Deputy referred, on what happened at the end of last year. I understand those figures will be available at the end of March and they will probably indicate some pressure emerging. However, it is clear that we must continue to ensure supply. I am endeavouring to deal with that in conjunction with the social partners.
We need to achieve a huge increase in the social and affordable housing bracket. I believe that will begin to emerge during this year and over the next few years through the mechanisms under Part V, the 20% provision and other mechanisms. As I said previously in the House, we should look at the mortgage timeframe as a whole life mortgage. There are successful examples on the Continent in that regard. I have had preliminary discussions with people in the general financial institutions as to how this might work and I believe it is feasible in conjunction with the Housing Finance Agency and the National Development Finance Agency. We have increased supply to a very high level which is probably well ahead of anything taking place elsewhere in the world, certainly in Europe. We must continue to drive that situation forward, increase the mix and continue to achieve supply. The present average number, at 57,000, is at the level we need to maintain over the next ten years. We need to improve the affordability mix within that.