Labour to seek cap on price of building land

Labour Party TDs and Senators have approved the publication of a private members bill aimed at capping the price of building land in Ireland.

Party spokesman Eamon Gilmore said capping the price of building land was essential to controlling spiralling house prices and ensuring that Irish people could afford a place to live.

The proposed private members bill would give local authorities the power to compulsorily purchase residential land at fixed prices, a move that would effectively end land speculation.