Darragh O’Brien wary of Tánaiste’s prediction of when house prices would fall

By Gráinne Ní Aodha, PA

The housing minister has said he is wary of predicting when house prices would moderate – despite his party leader predicting it would be within several years.

Tánaiste and Fianna Fáil leader Micheál Martin said on Tuesday when the number of homes being built each year increases to 45,000 or 50,000, he expected house prices to moderate.

When asked when this would be, he agreed that it would be around 2027 or 2028.

When asked about his party leader’s comments, Darragh O’Brien said that “we want to see house prices moderate”.

He said that boosting supply would be key to this.

“I want to see house prices moderate, I think we can speculate as to when that might happen, and it’s important that they do, but supply is key to that.

“The outlook is positive in relation to the increase in supply.

“(In) 2020 we delivered 20,000 homes. This year will be high 30,000s, maybe 40,000 as well, but across all tenures, and that’s really important that we have that mix between social, affordable and private homes, and yes, rental homes too.

“In relation to the date as to when we would see that (house prices moderate), I can’t speculate on that.”

When asked why he could not answer the question, the Housing Minister added: “I don’t disagree with what the Tánaiste has said at all.

“When you look to project forward as to what house price will look like, that’s a difficult thing to do. That’s all I’m saying, it’s a very difficult thing to do.

“But we want to see house prices moderate, and I believe with continuing increased supply – that we will we will deliver, if in government – and by expanding the affordable supports that we have, is making sure that homes are more affordable for our people.”