Paul Melia: In 2016, it appears only the wealthy can afford to buy a home
Published 19/03/2016 | 02:30
key to the operation of any well-functioning property market is its ability to deliver homes when needed. Back in 2010, around one in four homes sold were new builds. Today, that's reduced by half, with figures from the Property Price Register showing that just 12.8pc of all properties trading hands last year were new.
The lack of supply presents an enormous societal problem. The shortage of properties is fuelling price hikes, while Central Bank lending rules restrict the ability of people to borrow to meet those soaring costs.
But there is no shortage of planning permissions in place. So why aren't homes being built?