asked the Minister for Local Government the estimated weekly instalment at 9 per cent interest over 35 years, payable on the part of a loan for a new house which is attributable to a site cost of £1,500.
Ceisteanna — Questions Oral Answers. - Housing Loan Instalments.
57.
The instalment would be 54s 6d a week.
That being so, will the Minister agree that 54s 6d per week repayable over 35 years is a considerable addition to the outgoings of a tenant? Will he not agree that in the context of the Prices and Incomes Bill this is a very significant factor not being taken into consideration by the Minister?
I do not agree it is a significant figure. It relates only to those who pay £1,500 for sites.
If the site is not serviced the development cost would be very much higher. As the Minister knows, it is quite normal for people in this city to pay £1,500 for sites. Something should be done about it quickly. If the Minister for Finance were serious, the Prices and Incomes Bill gives an opportunity to deal with this.
I am very conscious of it. I made some statements on it recently but perhaps the Deputy did not read them.
Unfortunately, statements do not feed people.
Unfortunately, it is not as easy to get solutions to the problem as the Deputy thinks. Apart from everything else, there are constitutional difficulties involved. I am giving information to the House that there are in fact constitutional difficulties which are an obstacle to the introduction of legislation which would enable me to control the price of building land.
The Minister is making a statement which is not correct.
It is correct.