Housing supply not expected to match demand until at least the end of 2023
Written by Robert McHugh, on 10th Dec 2020. Posted in Property
The latest Housing Market Monitor published this week by Banking & Payments Federation Ireland (BPFI) shows that housing supply is feeling the impact of Covid-19 disruptions and won’t match demand until at least the end of 2023.
With a decline in both completions and commencements of new builds this year due the current pandemic the supply of housing stock in the year ahead will now fall well short of expected current and pent up demand.
BPFI warn that despite the better than expected recovery in the construction industry following the impact of the severe Covid-19 restrictions earlier this year, the completion of new housing supply will not only be lower than expected in 2020 but the shortfall in the commencement of new units this year will create a knock-on effect into next year and beyond: