Sunday 23 September 2018

Number of completed housing units up almost 40pc in February

Stock photo: PA
Stock photo: PA
Ellie Donnelly

Ellie Donnelly

Almost 800 housing units were completed in February this year, representing a 38pc increase year-on-year, according to the latest Goodbody Housebuilding Tracker.

In the opening two months of 2018, housing completions grew by 46pc year-on-year to 1,608 units.

Despite the increase in the numbers of completed units, with less than 10,000 units completed in the most recent 12 month period, there remains, what the report described as "a significant gap between supply and estimated demand of around 35,000."

The Greater Dublin area continues to account for the bulk of the residential construction, with the strongest growth seen in commuter countries to Dublin, namely Kildare, Meath and Wicklow. Completions more than doubled (up 119pc) in the first two months of the year in these countries and accounted for almost 27pc of overall completions.

Semi-detached houses continue to be the most popular type of new home build in Ireland, accounting for two in every five units build in the first two months of 2018.

Detached units are the second most popular, while apartment construction remains exceptionally low, representing 15pc of total units.

"New apartment guidelines issued in recent weeks should help in increasing density, but it also likely to lead to an increase in the price of land...in any case it will take time for these measures to feed through in the form of increased completions," Dermot O’Leary, economist at Goodbody, said.

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