Wednesday, 16 May 2018

Ceisteanna (79)

Bernard Durkan

Ceist:

79. Deputy Bernard J. Durkan asked the Minister for Finance the degree to which he continues to monitor house property prices with a view to prevention of inflation through the sector; and if he will make a statement on the matter. [21680/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

My Department continues to monitor developments in the wider property market, including trends in property prices, on an ongoing basis. According to the Central Statistics Office's Residential Property Price Index, national property prices increased by 0.7 per cent between February and March, and by 12.7 per cent on an annual basis. At the regional level, residential property prices in the 12 months to March 2018 increased by 12.1 per cent in Dublin and by 13.4 per cent outside of Dublin. Relative to peak, prices in Dublin are 23 per cent lower with those outside Dublin some 27.4 per cent lower.

The Government’s primary response to the current issues in the housing market is contained in ‘Rebuilding Ireland: An Action Plan for Housing and Homelessness’. The Action Plan sets out a comprehensive package of actionable measures designed to address the ongoing structural constraints within the construction sector and restore the housing market to a sustainable equilibrium. The implementation of these actions is monitored on an ongoing basis and reported publicly through quarterly progress reports.