Another mortgage rate increase

The ECB increase of another .25% certainly was food for thought and came up on the door steps on this weeks canvas. For many young people around Kilkenny the increases are starting to hit home.With the latest reports from daft.ie for 2006 showing the average price for a three bedroom house in County Kilkenny reaching €277,000 the rate rises are being felt. The increases over the last year and a half have added €270 euro per month to a 30 year mortgage.

The total failure of Part 5 to provide social housing has left many young people with no option but to take on a huge amount of debt. More and more of my political representations are on housing.

As a country we need to take a long look at our housing policy and help young people hard pressed to make the monthly repayments. Merely hoping the market will somehow work itself out is not an option. Being in public life and knocking on doors you get a good feel for the mood on the ground. I can tell you the mood has changed, over the last year. The talk of buying property oversea's and multiple foregin holidays has being over taken by talk of repayments and when the rate increases will end.