Housing crisis remains daunting despite hopeful data

Minister for Housing Darragh O'Brien said this week he is confident the Government will meet its housing targets this year. Photograph: Niall Carson/PA WireWill the Government be able to meet its Housing for All target of 29,000 new-build homes this year, comprising 9,100 social homes, 5,500 affordable and cost-rental homes, and 14,400 for private renters and owners? Naturally, Minister for Housingand there is probably more cause for hope than there was at the start of the year.

After a difficult period, the pace of housing starts has risen in recent months, as the Economic and Social Research Institute , “a good leading indicator for a pickup in supply into the year ahead”. Meanwhile, cost pressures have eased somewhat with the Central Statistics Office’s wholesale price index indicating monthly declines in the price of building and construction materials in two of the last three months.

On the social and affordable side of the equation, the pipeline looks reasonably healthy. The Housing Finance Agency , which this week published its 2022 annual report, said it has approved loans totalling €304 million in the first six months of the year, some 4.5 per cent ahead of last year. Its customers – approved housing bodies, local authorities and third-level institutions – borrowed some €1.2 billion in 2022.

Although economic twists and turns are bound to crop up, conditions would appear to be ripe for housing output to beat expectations this year. Yet scepticism abounds and the crisis remains a stubborn one. withREAD MORE

Source: News Formal (newsformal.com)

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