Housing Agency plans to buy vacant homes for social housing.

The chief executive of the Housing Agency has said it plans to buy vacant houses in "larger portfolios" from banks and investment companies and sell them to local authorities for social housing.

Speaking on RTÉ's Today with Keelin Shanley, John O'Connor said that typically a bank would have appointed a receiver to properties spread across an area and the agency proposes buying these properties together.

He said the agency would only buy empty properties that had formerly been used as rentals.

The Housing Agency has been given a budget of €70m to carry out the plan.

Mr O'Connor said the agency would not be buying properties on the open market so it would not affect those who are trying to purchase homes there.

He said the target is to buy 1,600 houses over the next few years, 400 a year, sell them to local authorities at cost and then use the money to continue buying more properties.

He added that the average price of property around the country would be €140,000 to €150,000 but that could rise to over €300,000 in Dublin.

In addition he said there is a need to build new social housing across the country.

In May, the agency reported that there were almost 250,000 empty houses around Ireland.

source: RTE 15/08/2016