Target of 300,000 new homes by 2030 looks like a pipe dream
last year were 30,330, well below the close to 40,000 that senior ministers had forecast during the election campaign despite analysts saying this was not possible.Its report warned that delivery is stagnating and “we are going back to 2022”. In separate predictions this week, Goodbody analyst Dermot O’Leary was only marginally more optimistic, predicting 34,000 completions this year.the new Coalition said it planned to build 300,000 homes by the end of 2030.
And so this Government finds itself facing the same dilemma as the last one – setting a target over which it only has partial control via State-supported programmes, and relying on unpredictable private sector delivery, which it is trying to influence.The Government is pumping billions into housing – so why is output not increasing? The familiar blockages are still there in planning and financing. And a key issue highlighted by the 2024 figures was the fall-off in apartment completions.
The Mitchell McDermott report also points to the much-discussed planning delays and the “high mortality rate” for housing schemes. Fast-track planning applications for 200,000 housing units were submitted over the last six years, it says, but just 40 per cent have commenced or are constructed. Many of those approved, however, will have difficulty finding a property, and if they succeed they will have to pay up. According to mortgage broker Michael Dowling: “with a dire shortage of second-hand stock for sale and Ireland not building enough new homes, first-time buyers are paying more because of lack of supply.
Either way, all expect prices to remain on the up, due in part to the continued availability of the State demand support schemes and promises in the programme for government to expand them.
Housing-Crisis James-Browne Mortgages Central-Statistics-Office
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