House prices have risen by 14.4% over the past year, the highest annual growth rate in seven years. The price of second-hand homes rose by 16.7% and the price of new homes rose by 5.1%. Young families are struggling big time. An income of €116,000 is required to be able to afford an average house in our capital city. No matter how much young people save, they cannot deliver because of the cost of rent and the cost of living. Deputy Howlin brought to my attention a situation in Wexford where developers are taking deposits and months later, having not signed a contract themselves, are coming back and looking for an extra €30,000 on the price of a house. It is absolute gouging.

Apartment prices are up by 17% outside of Dublin and 11% in Dublin, yet the Government would not put a super stamp duty of 10% on apartments to stop investors bulk buying them. Given these figures, what action is the Government going to take to reduce the cost of homes and control price inflation in the building sector? Will he now act to stop the bulk buying of apartments by investors?

In the first instance, we have already put a 10% stamp duty on the purchase of ten or more houses, as the Deputy knows. Supply is the answer. It is the only answer, ultimately. The Deputy knows that, as does everybody else. We need to ramp up the supply of apartments and houses. We do not want to take steps that will reduce apartment building.

What about the gouging that is going on?

Gouging is all wrong. That should not happen. If Deputy Howlin knows of specific cases, he should send those details to the Minister for Housing, Local Government and Heritage. I do not think that is in any way proper. Proper contractual arrangements should be entered into and honoured by all parties involved in such transactions.