Auctioneers call for cheaper finance for builders

A group representing auctioneers is calling on the Government to allow builders borrow money at lower interest rates.

The Institute of Professional Auctioneers and Valuers said the move would make the construction of new homes cheaper and help in tackling the housing crisis.

Experts suggest at least 15,000 new apartments are needed to support our growing urban areas.

Chairperson of IPAV Pat Davitt said builders needed access to cheaper financing.

"If the builders can't build the houses any cheaper, then obviously something has to happen. Builders are going to have to get finance at cheaper rates," he said.

He called for a government bond to be made available to builders that would allow them to access finance at lower rates.