The reported net worth has surpassed the last peak in 2007.
According to Fianna Fáil Spokesperson on Finance, Michael McGrath TD, "the underlying data points to the growing level of housing inequality in Ireland".
"The primary driver of household net worth over the last number of years has been the increase in the value of housing stock which increased by €8.5 billion in quarter 4 of 2017," he said. "This serves to highlight the crisis in the supply of housing but it also means that those who cannot buy a house are being left out in the cold.
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"Put simply those who do not own a home yet are not feeling the increase in household net worth. Last year the Central Statistics Office published data which showed that the home ownership level has fallen to a level last seen in 1971. More and more people are not seeing the benefits of owning their own homes. This is particularly the case for younger people who are entering the labour force.
"The Government can no longer ignore this issue. While the Minister yesterday made another announcement about confiscating private land for development, he willfully ignored the vast amount of zoned land owned by the State that is currently lying idle.
"If the supply of housing continues to lag behind, rents will continue to rise and rise and the hope of owning a home for large parts of a generation will be lost. This cannot be allowed to happen," concluded Mr McGrath.
(CM/MH)
