House builds ‘far below’ official data

House completion levels are currently running at nearly 10,000 less than is being suggested by official data, according to new figures from Goodbody which suggest the housing supply crisis is in even worse state than previously thought.

“A significantly lower level of completions, coupled with faster population growth, have important implications for policy. Further actions are needed by government to address what is an even more acute housing shortage than we thought. Annual supply needs to grow to 35,000 to meet demand in our opinion,” the stockbroking firm said in the first of a new monthly housebuilding tracker, based on increases in the building energy ratings (BER) database.

Goodbody said 5,377 houses were completed last year, only about one third of the 14,932 indicated by official completions data calculated by electricity connections. “New housebuilding is growing rapidly in Ireland, albeit from a low base. In the year to August, 5,393 units were completed, up 77% on the previous year. In the 12 months to August, completions amounted to 7,719, up 75% year-on-year. On current trends, completions will total less than 10,000 units — roughly half the estimates suggested by the alternative electricity connections data,” Goodbody said.