House prices rise at three times rate of inflation

THE Government was urged last night to intervene as house prices continue to rise at three times the rate of inflation.

Fine Gael environment spokesman Fergus O’Dowd said first-time buyers were being priced out of the market. He claimed the Government was taxing the average house buyer by over €100,000.

Mr O’Dowd said: “The Government is now earning record amounts from house buyers as 45% of the price of every house sold accrues to the Exchequer in taxes, including development levies and VAT.”