Labour Party calls for new bank to spend €16bn on 80,000 low-cost homes

Radical proposals to fix the broken housing system include creating a Housing Development Bank which would oversee the spending of €16bn to deliver 80,000 low-cost homes.

Labour launched the strategy and said the homes could be built at a cost of €200,000 per unit and open their doors within five years.

The party wants three key agencies merged under one body, namely a new National Housing Development Bank.