Developers should divulge ‘first option’ land deals

DEVELOPERS who pay farmers money for the right to be first buyer of their land if it is rezoned for housing must be forced to declare this publicly to provide cheaper homes, Housing Minister Noel Ahern insisted yesterday.

This system is known as "first option", but the Government has no idea how much land developers have secured rights to buy for future housing throughout the country, said Mr Ahern.

"The key to cheaper houses is cheaper sites but, if some builder has taken out first options on stores of land, this will reduce the State's option to buy that land in the future and build cheaper houses," he said.