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Up to 36,000 homes needed each year to meet demand – new report

UP TO 36,000 homes will be needed each year to meet demand and there have been calls to introduce a stimulus package for first-time buyers, according to a new survey.

The report found this number of homes will be vital to meet demand across the next two decades.

But clear suggestions were made for schemes to be introduced to aid first-time buyers due to the expensive cost of housing.

The study found a package also had to be put in place to lower the cost of construction to improve supply, including improving the planning process and increased lending for first-time buyers.

The study was carried out by the EY-DKM Economic Advisory Services, on behalf of the Irish Home Builders Association.

21,000 new homes were built last year. However, that is expected to drop to 17,000 this year.

House building is currently too time-consuming, causing additional costs with delays in the planning system, the report found.

This impact on the delivery of residential developments while design, planning and construction costs, are not always enough to guarantee returns.

This thus then results in the properties often being too expensive for first-time buyers to afford, the report found.

An extension to the Help to Buy Scheme and a streamlining of the planning system and lower cost funding for small builders, could all kickstart the process, it was felt.

State lands also needed to be managed better with density requirements examined and cost-benefit studies carried out, it added.

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