The Dundalk TD was responding to the latest Daft.ie house price report which shows that the average price of a new build home in Louth was €364,353 over nine months of 2023.
“The Daft.ie report on house prices in Q4 2023 shows that the price of an average home continues to rise. Across the state the price of an average home rose 3.4% in the last 12 months to €320,000. In Louth the average price of a home is now €270,888, a rise of 0.2%, compared to the last quarter of 2022,” Deputy Ó Murchú said.
“The report also highlights a worrying drop in the number of homes listed in December compared with the previous year, by a significant 27%.
“However, the most startling fact in the report is the price of new build homes. There is now almost a 30% difference between the price of an average new home and overall average prices.
“In the State, the price of an average new home is €407,000, €80,000 more expensive than the average for new and second-hand homes combined.
“In Louth, the average price of a new build home is now €364,353, 34.5% more than the average price of a home.
“The gap between new and second hand homes is enormous and growing. This is a direct consequence of bad Government policy, demand side subsidies such as so called ‘Help to Buy’, and the controversial Shared Equity Loan scheme, all pushing up new house prices.
“All the while, there are people paying astronomical rents, when they are lucky enough to find somewhere to live, making home ownership an even more impossible dream.
“Meanwhile the Government’s failure to deliver on their embarrassingly low affordable purchase targets is making the crisis worse.
“In Louth this year, just ten affordable homes will be ready for applicants this month, in Blackrock. There is no word as to how any more will be delivered, or when.
“The government needs to get serious on providing more affordable housing, and cost rental housing.
“Government policy must shift to bringing the price of new homes down. They must end policies that push up house prices and they must increase and accelerate the delivery of genuinely affordable homes by local authorities and Approved Housing Bodies, at prices that working people can genuinely afford’.