PRESS RELEASE

Escalating House Prices A Time Bomb in Waiting

The Alarming rise in these prices is effectively debarring a generation of young people of owning their own home. House prices have increased by 50% in the last few years and are projected to increase by up to 25% in the next twelve months, which places the purchasing price above the reach of many potential First Time Buyers. Even though Interest rates are the lowest for many years the inflated prices of homes has in fact made more difficult for young First Time Buyers to purchase a house that is affordable to them.
Drastic action has to be taken to alleviate this grave problem and ensure the inflationary pressure is removed from the markets.Firstly government should seriously look at the need to re introduce mortgage interest relief for First Time Buyers up to a certain income level.

Secondly there has been a complete abdication of responsibility by local authorities to take into account the demographic changes and the fact that the economy is growing rapidly. There is a fundamental need for the planning authorities to immediately recognise large tracks of land to ensure that the price of development land stabilises. This would help ease the pressure in house prices.

Every body has a duty to ensure that young people can afford to purchase a house at a reasonable price if we fail in this we will be responsible for placing a financial millstone around their necks for most of their adult life.