CIF survey finds 35,000 new houses are unsold

Analysis carried out by the Construction Industry Federation (CIF) indicates that there are 35,000 unsold new houses in Ireland.

According to the group, this is less than the 50,000 being presented as 'fact' in various commentaries on the housing market.

The CIF analysis also points to house price reductions of the order of 30% and to the presence of significant pent-up demand for houses in the market place.

Director General of the CIF, Tom Parlon said: "Our count of unsold new homes puts the figure nationally at less than 11 months supply and in Dublin, at less than 8 months’ supply.

"These figures contrast sharply with recent reports on the housing market and give a truer indication of likely trends in the sales over the coming 12 to 24 months.

"With the ECB expected to further cut it baseline interest rate within the coming weeks and the significant reduction in house prices that have already taken place, it is likely that consumer sentiment will improve in the short-term.

"With just 20,000 houses likely to be built next year, and the vast bulk of these for local authority social housing purposes and for one-off housing in the countryside, the currently stock of unsold houses in the market will clear quickly."

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