Sunday 22 October 2017

Paul Melia: Prices will go through roof until we build more homes - and, crucially, the right type

'We are not building even half the number of homes we need.' Stock Image: PA
'We are not building even half the number of homes we need.' Stock Image: PA
Paul Melia

Paul Melia

Perhaps the most startling figure in the KBC Homebuyer survey relates to the 70,000 'ready and able' prospective purchasers seeking a home. If the market was looking for a signal to begin building, that figure alone should suffice.

But it's hoped that this cohort of 70,000 is in no rush to buy, because it's going to be a few years yet before supply ramps-up and begins to match demand.

We are not building even half the number of homes we need. In April 2014, the Housing Agency said a minimum of 79,660 new homes were needed for the five-year period between 2014 and 2018. Between January 2014 and January this year, just under 40,000 were delivered.

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