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08/09/2016

New homes supply ramps up in Ireland

Words: Roger Milne
Housebuilding / iStock

The number of new houses constructed in the Republic rose by 17 per cent to 3,498 in the second quarter of 2016, compared to the same period last year, according to the latest analysis from sector body Property Industry Ireland.

This week’s figures showed that housing starts were up 33 per cent year on year, with a forecast of 14,000 completions for the current year.

Tom Phillips, chairman of PII, said: “Leading indicators in the housing sector look positive, with housing completions finally materialising, and many more houses and apartment developments moving slowly through the planning system. Yet, the supply of new housing is only at half the level needed to meet demand and keep prices and rents under control.”

Annette Hughes, director of DKM Economic Consultants, who prepared the report said: “Activity in the property market continues to ramp up as housing supply edges upwards and expectations about the likely success of the recent policy, set out in the Housing Action Plan, appear to be higher than they have ever been”.

Image credit | iStock

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