Sinn Fein is calling for the Help to Buy Scheme and the five year Capital Gains Tax exemption for property funds to be scrapped.

Finance Spokesperson Pearse Doherty TD made the call after it was revealed that house prices have increased by over 10% in Dublin in the past year.

Deputy Doherty said: "The Help to Buy scheme and the five year exemption for property funds from the Capital Gains Tax element of the dividend withholding tax have both resulted in prices being higher than they would be otherwise. In both cases Sinn Féin opposed these moves and warned they would be costly. We have been proved right.

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"When it comes to tax policy this government, like the last one, are making all the wrong choices and only making the housing crisis worse. The Help to Buy scheme is proving to be far more expensive than expected while we know the Department of Finance was warned that its five year Capital Gains Tax exemption would clog up housing supply. Both should be abolished.

"Tax policy has a role to play in alleviating the housing crisis but rather than carrot after carrot the government need to start employing the stick. Tax breaks to developers and international speculators will not solve the housing crisis."

(CD)