ESRI modelling signals boosting housing supply would calm prices via IrishTimesBiz
The Economic and Social Research Institute says going from building 25,000 to 35,000 units per year would knock 12 per cent off house prices within eight years.There is a school of thought among some Irish housing activists that dramatically increasing housing supply will not necessarily lead to more affordable homes for people.
Using economic modelling, ESRI researchers suggest that an increase in annual housing supply from a 25,000 baseline to 35,000, which is an annual target considered the minimum necessary to meet medium-term demand, would cause house prices to fall by 12 per cent within eight years.The activists argue there is no point building more homes that are not affordable. But as the ESRI research seems to suggest, the mere act of building more homes is what makes them more affordable.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Explainer: What is happening with inflation and how is it affecting our pockets?PODCAST: What's the story with inflation right now? Economist and research affiliate with the ESRI John Fitzgerald explains in our latest episode
Read more »
Land Development Agency should have power to acquire public and private land, ESRI saysThe ESRI has recommended that the Land Development Agency be given powers to acquire both public and private land for building new housing
Read more »
House prices could fall 12% if more homes built - ESRIThe Economic and Social Research Institute has found that if housing output was increased by 10,000 units a year, house prices could fall by 12%.
Read more »
ESRI urges State to issue more visas to non-EU construction workersThe researchers also warn that the 'highly litigious' nature of the Irish property sector could scupper any moves to give the Land Development Agency rights to acquire private land for housing.
Read more »
House prices could drop by 12% if output increases by 10,000 - ESRIAround 28,000 housing units are set to be built this year, with that number dropping in 2023
Read more »
Climate commitments likely to impact efforts to increase housing supply - ESRINew research forecasts that a sudden 10,000 unit increase in the number of new private market homes available for purchase in Ireland would lead to a 12 per cent decline in house prices within eight years
Read more »