Brian Stanley: Rents Soar - Market Can't Be Left Alone
Brian Stanley responds to a new rents report, warning that market forces alone are driving sharp increases and calling for controls to protect tenants. He cites local increases in County Leash and urges the government to revisit policy rather than leave housing entirely to the market.
Brian Stanley highlights data showing dramatic year-on-year rent rises in County Laois: four-bed up 12.5%, three-bed up 10% and two-bed properties - the most in demand - up 34% in a single year. He also notes house price rises in Port Leash and warns of the human impact on tenants.
Stanley argues that a laissez-faire approach cannot be relied on to resolve the crisis, pointing to the consequences of past deregulation. He asks the government to revisit policy and introduce tenant protections rather than leaving the market to sort itself out.
The Taoiseach responds that supply is the main way to address rising rents and refers to recent reforms, including the six-year tenancy rule, and state investment in housing. The Taoiseach also cites government spending and the need for private capital to meet long-term housing supply targets.
The exchange frames an urgent debate about balancing market forces, state intervention and tenant protections. Brian Stanley presses for controls to protect renters now, while the Taoiseach stresses reforms and continued investment to increase housing supply.
Rents shock in County Laois
Brian Stanley highlights data showing dramatic year-on-year rent rises in County Laois: four-bed up 12.5%, three-bed up 10% and two-bed properties - the most in demand - up 34% in a single year. He also notes house price rises in Port Leash and warns of the human impact on tenants.
Market approach questioned
Stanley argues that a laissez-faire approach cannot be relied on to resolve the crisis, pointing to the consequences of past deregulation. He asks the government to revisit policy and introduce tenant protections rather than leaving the market to sort itself out.
Government response and supply focus
The Taoiseach responds that supply is the main way to address rising rents and refers to recent reforms, including the six-year tenancy rule, and state investment in housing. The Taoiseach also cites government spending and the need for private capital to meet long-term housing supply targets.
What this means for tenants
The exchange frames an urgent debate about balancing market forces, state intervention and tenant protections. Brian Stanley presses for controls to protect renters now, while the Taoiseach stresses reforms and continued investment to increase housing supply.
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Transcript
The report yesterday on rents, it shocked a lot of people and I predicted and others did predict that this would happen. The scale of it has really shocked me. In County Leash, the four-bedroom house has gone up 12.5% year on year. At three-bedroom, 10%. And Taoiseach, a two-bedroom house which is the ones in most demand in County Leash, 34%. 34% in one year. The quid are up, house prices are up. £538,000 now for a bog-standard house in Port Leash in one estate. So as a result, and that's, I'm saying to you, that you cannot leave it totally to the market. You can't leave it totally to the market. A laissez-faire approach that the market will sort it out. We've seen where that has got us in the past. I hope you haven't forgotten the crash and the noughties. What happened then was because we had a laissez-faire approach, that is into a black hole. And you were there for that, you were administering it, right? I'm asking you, and I'm asking you in a fair-minded way, will you please revisit this? There needs to be some controls put in to protect tenants. Thank you. Time is up. Taoiseach to respond now, Deputy, or time is up. Could I just say, rents are too high, Deputy, overall. No one is arguing about that. There's a lot of pressure on people. Supply is the only way to deal with it. And what I would say, the reforms that came in, the six-year tenancy rule, is a very significant enhanced protection for existing tenants. Nothing like it was in place before. We're dealing with new tenancies here in terms of the DAFT index, but the vast majority of existing tenancies are not impacted in the same way at all. And so we do need a long-term certain landscape in respect of the rental market. Now, in terms of housing, we're not leaving it to the market. The state is involved in every aspect of housing. €9 billion has been invested by the government, taxpayers' money, to try and get housing going. We're at 36,000 houses. That's not enough. And we're going to continue to invest. You also need some degree of private sector money in as well to get to the €20 billion that the central bank says is required to deal with the demand that's out there in respect of housing supply. Thank you, Taoiseach.