This morning, the Irish Independent reported that one of the authors of the Government's pro-developer shared equity scheme has confirmed that it may push up house prices. Mr. David Duffy, who heads IBEC's Property Industry Ireland, was asked about the scheme and whether it would push up prices. He said it would be something that would contribute to the demand side. This confirms the concerns of the Tánaiste's party colleagues in Dublin City Council, who wrote to the Minister for Housing, Local Government and Heritage last month, urging him to scrap this scheme. In their letter, they stated that it is a demand-side measure and risks a return to the failed housing policies of the Celtic tiger era. Does the Tánaiste agree with Property Industry Ireland and the councillors on Dublin City Council that this scheme will push up house prices? Will he support his own party colleagues, including the Minister for Finance's own parliamentary assistant, who have called for this reckless scheme to be scrapped?

I do not agree with Property Industry Ireland on this particular issue. The reality is that when one does something that increases demand for housing, it may have a side effect - increased house prices. However, that does not mean that people should not be helped to buy. People argued against the help to buy scheme for first-time buyers because they thought it would increase house prices. The evidence that it did is pretty minimal, but the same arguments were used. Yet, it helped tens of thousands of people to buy their first home. The new scheme being developed by the Minister for Housing, Local Government and Heritage will help hundreds, if not thousands, of people to buy their first home. It happened in my local authority area of Fingal ten to 15 years ago. I know many people who were helped to buy their first home through shared equity schemes. If it is the case that increased demand for housing increases house prices, then the solution is not to stop people from buying houses or to make it possible to buy houses; the solution is to increase supply. That is how house prices can be reduced. That is why it is so disappointing to see the Sinn Féin Party vote against new housing in the Dublin city area. The party has helped to block the development of more than 2,000 new homes in Dublin city alone.