Irish households' €160bn in savings could be unlocked to fund new homes – SCSI

State-backed housing investment vehicle could release some of the €160bn, most of which is in low-interest current accounts

Society of Chartered Surveyors Ireland president Gerard O'Toole said: 'Access to finance remains a major barrier, especially for small and medium-sized developers.'

The Government should establish a State-backed housing investment vehicle to allow households to invest their savings in housing development, the Society of Chartered Surveyors Ireland has said.

The society said such an initiative, similar to schemes operating in countries such as France, would enable the Government to put long-term multi-annual housing plans in place while also facilitating investment in much-needed infrastructural projects.