The Order of Business is No. 1, address to Seanad Éireann by Mr. Manus Cooney, to be taken at 1 p.m. in accordance with the arrangements set out in a motion passed by the House on 4 October; No. 2, statements on the decision by the United Kingdom to leave the European Union, in the presence of the Minister for Foreign Affairs and Trade, to be taken at 3 p.m. and conclude not later than 4.30 p.m., with the contributions of group spokespersons not to exceed six minutes each and those of all other Senators not to exceed four minutes each and the Minister to be called on to reply not later than 4.25 p.m.; and No. 23, Private Members' business, non-Government motion No. 9 re comprehensive economic and trade agreement, to be taken at 4.30 p.m.

I would like to address the House on some of the budget whisperings, in particular the Government's plan to introduce a first-time buyer's grant of around €10,000 for newly built homes. I disagree with the grant as it would increase the price of new builds for first-time buyers. The initiative would not help first-time buyers but instead would place an extra €10,000 in the pockets of developers and landowners. In the past year house prices have risen by 8% in general and by 5.3% in Dublin. I would like the Government to consider the Central Bank's mortgage lending criteria. We should leave income thresholds as they are but reduce deposit thresholds as it is unfair for a family renting a three-bedroom home who are paying around €2,000 in rent. If the family were able to get a mortgage on the same home, they would have to pay €1,400 per month on a €280,000 mortgage over the course of 35 years. Only people who have access to large deposits from friends or family are in a position to get a mortgage. Changing the rules to reflect people's previous rental patterns would put first-time buyers on an even footing, thus allowing them access the housing market.

I will outline other initiatives I would like the Government to introduce. A site tax for undeveloped lands could be introduced. We could consider reducing the build cost by reviewing how councils certify properties. Perhaps we might change the methods by which development levies are introduced. I would also like to see the introduction of a co-ownership scheme, which has been successful in the recent past. I draw the attention of the House to a financial contribution scheme that Dublin City Council had in place. It meant people living in larger homes could downsize to smaller properties and receive equity release on larger properties. The initiative would free up larger family homes that could be availed of by families on the housing lists.

I welcome Sinn Féin's commitment in its budget submission to introduce a €5.70 increase in the old age pension. The proposal was not included in the party's election manifesto, but I warmly welcome Sinn Féin's commitment to the proposal.

The Senator is very welcome and I thank her.

It is called love bombing.