Rabbitte criticises big profits in housing

Labour leader Pat Rabbitte demanded Government action to deal with the "outrageous excessive profit-making" in the housing market.

"The result is that it takes approximately 11 times annual salary to purchase a house. It is beyond the reach of most people on reasonable incomes."

He challenged Tánaiste Brian Cowen to say when the Government would introduce legislation in line with the recommendations on property rights made by the Oireachtas Committee on the Constitution.

"In The Irish Times today he will see a story that explains that the State has paid €81 million for school sites since 2002 and that there has been a number of outrageous attempts to get the State to buy back a site for a school at rezoned values."

Mr Cowen said it was the Government's intention to honour all commitments in the Programme for Government. It was the Government's intention that the minister with line responsibility would come to Government with proposals to deal with the issues.

Mr Rabbitte said that the Government had the proposition in its Programme for Government.

"The Tánaiste was one of the negotiators. He is speaking like a man who is not all that familiar with it. Does this mean that he is lukewarm? I am not trying to frighten the horses in the Galway tent, seeing that we are coming up to that time of year, but as Tánaiste and as acting head of the Government this morning, he should be able to tell the House when he intends to bring forward these proposals."

Mr Cowen said that it would be the responsibility of the minister concerned.