Cavan-Monaghan Sinn Féin TD Pauline Tully has said that new house prices in Cavan are "out of control." Deputy Tully said the Government's failure to deliver affordable homes is "making the crisis worse" following the latest Daft.ie house price report which shows that the average price of a new build home in Cavan is €317,500.
In a statement issued to Northern Sound, Deputy Tully said; "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 €320k. In Cavan the average price of a home is now €218k. 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. State-wide the price of an average new home is €407k, €80k more expensive than the average for new and second-hand homes combined. In Cavan the average price of a new build home is now €317,500."
Deputy Tully continued; "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. Meanwhile the Government's failure to deliver on their embarrassingly low affordable purchase targets is making the crisis worse. 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 AHBs, at prices that working people can genuinely afford."
