Home ownership will be out of reach for potential first-time buyers for another five years under the current Irish government, Sinn Féin has said.

The party's spokesperson on Housing, Eoin Ó Broin, criticised both Fianna Fáil and Fine Gael following the latest report from DNG which showed that the average price of a second hand home increased by 8.4% last year, almost double the rate of growth seen in 2023 of +4.3%.

The report also stated that second-hand house prices in Dublin increased by 9.6% in 2024, with the average price of second-hand Dublin properties now standing at €582,772.

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Deputy Ó Broin said: "The number of new homes coming on the market for people to buy has flatlined at around 8,000 homes a year from 2018 to 2023.

"As a result, the majority of first-time buyers are purchasing second hand homes, often far away from where they need to live because they have no other option.

"Meanwhile, the government has delivered just 988 affordable homes over almost five years. Worse still, many of these homes are not affordable, with an average all-in cost of €375,00 statewide and between €400,000 and €550,000 in many Dublin schemes.

"The result is an entire generation of young people are locked out of owning their own home."

Teachta Ó Broin continued: "Week after week, month after month we are presented with independent reports confirming that the government's housing plan is not working, and that the housing crisis is going from bad to worse.

"Only a dramatic increase in investment in and delivery of social and affordable housing will address housing need.

"Sinn Féin will continue to make the case for a radical reset of housing policy this year as set out in our alternative housing plan, A Home of Your Own."