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Housing supply won’t meet demand until ‘at least’ end of 2023

The data issued by the Banking and Payments Federation Ireland (BPFI) warns that the impact of Covid-19 on housing supply is significant and will have an impact for years to come.

Only 20,000 new homes will be completed this year, short of the 35,000 annual units that are required, BPFI chief economist Ali Ugur said. 

“With a decline in both completions and commencements of new builds this year due to the current pandemic, the supply of housing stock in the year ahead will now fall well short of expected current and pent up demand,” Mr Ugur said.

Taoiseach Micheál Martin said the impact of Covid-19 on housing production has been severe.  He added: “We are targeting 25,000 units next year, with additional emphasis and focus on affordable housing.”

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