Today two new reports by Daft.ie and Myhome.ie confirm that house prices are soaring and that Louth is experiencing some of the highest growth. Both reports confirm a double digit growth in house prices for the county.
Sinn Féin Louth TD Gerry Adams last week expressed his concern at the CSO figures on property price increases. Speaking this morning the Louth TD warned that “the comprehensive action plan for housing due to be published in the next few weeks by the government must tackle the twin issues of increasing house prices and spiralling rents, as well as the provision of new social and affordable homes in the housing crisis is to be resolved.”
Teachta Adams said:
“According to the latest figures from the Central Statistics Office (CSO), property prices across the state rose by 6.9% in the year to May. While Dublin saw the highest rise in house prices, the rest of the state, including Louth, saw house prices increase by 8.5% over the same period.
The two reports by Daft.ie and Myhome.ie confirm that house prices in Louth are soaring. Myhome reports a 6-4% increase since the beginning of the year and a 11.86% increase in house prices since last year.Daft.ie concludes that house prices have increased by 12.5% in the last year and by 5% from the start of this year.
An earlier Daft.ie quarterly report on rents also revealed significant price increases with the average rent in Louth having risen by 14.2%.
This is the second highest increase in the State, closely following Meath where the average rent is up by 14.8%.
The inability of many households in Louth to secure mortgages to buy a home or to meet the rents now being demanded by landlords is another symptom of the housing crisis in Louth and East Meath.
One of the key recommendations of the Housing and Homeless Committee report published two weeks ago was that the Housing Agency would make an annual audit of private construction costs and compare these with other jurisdictions.
The Committee strongly recommended a shift in Government policy away from using the private sector to meet social housing need. Its central recommendation calls for the provision of 50,000 real social houses over the next five years.
Increasing the stock of social housing will alleviate pressure on the private housing market while in the interim the report proposed a number of measures to help families stay in their rented homes. Specifically it demanded that rent certainty be introduced, by linking rent reviews to an index such as the Consumer Price Index in order to provide some stability for both tenants and landlords.
Tenant rights should also be strengthened and this includes providing additional protection to tenants in repossessed buy-to-lets.
Imelda Munster and I will examine closely Minister Coveney’s proposals to see whether they help households in this constituency.”