Prime Minister Leo Varadkar Criticizes SCSI Report on Housing Affordability, Disputing Sinn Fein’s Claims
Dublin: Prime Minister Leo Varadkar has voiced his disagreement with the recent report from the Society of Chartered Surveyors Ireland (SCSI), countering Sinn Fein’s assertions regarding escalating house prices in Ireland.
Sinn Fein leader Pearse Daniel Doherty, addressing the issue of housing affordability during the Leaders’ Q&A in the Dáil, referred to the SCSI report. The report indicated that a couple would need a minimum income of ₹1,27,000 to purchase a three-bedroom house in Dublin. Similarly, the report suggested income requirements of €115,000 for a new home in Galway and €104,000 in Cork.
In response, Prime Minister Varadkar accused Doherty of promoting a misperception about the surge in prices of new houses. Varadkar contended that first-time buyers predominantly opt for second-hand houses due to their lower cost, with a preference for two-bedroom dwellings. He accused Sinn Fein of propagating misinformation by omitting this crucial detail.
The report highlighted that mortgage borrowers can now secure loans of up to four times their income, as opposed to the previous limit of 3.3 times. Notably, it did not mention the government’s First Home (Equity) scheme, designed to aid first-time buyers by providing loans of up to 30% of the property’s value.
In response to Varadkar’s assertions, Doherty argued that the Prime Minister’s explanation lacks a sense of reality, emphasising that people are grappling with an affordability crisis. Doherty pointed out a 10% increase in house prices over the last 12 months, a fact revealed in a Central Statistics Office (CSO) report, which Varadkar allegedly chose to overlook intentionally.
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