Taoiseach launches plan to acquire cheap development land

THE Taoiseach has directed the Environment Minister and Attorney General to examine new ways of acquiring cheap land for development.

Mr Ahern has made similar pledges in the past to act on the issue, but no major initiatives were taken.

The cost of land remains a major factor in the escalating price of houses. A Permanent TSB/ESRI housing survey published in June revealed that land costs, as a percentage of the overall price of buying a home, shot up from 10% in 1996 to approximately 17% last year.