Housing completions improve to meet demand while mortgage drawdowns decline

In the first six months of the year there were 20,389 mortgage drawdowns, a 7% decline year-on-year, mainly due to the significant drop in switching activity, said the BPFI

The BPFI Housing Market Monitor showed that output levels are improving, but that the housing crisis continues to put pressure on the economy.

Housing output has ramped to meet demand but the number of units being delivered is barely meeting the requirement to address the accommodation crisis, a new survey indicated.

A new report by the Banking and Payments Federation Ireland (BPFI) suggested that total completions this year could reach over 30,000 units however this is the minimum number of completions needed to tackle the chronic supply shortage in the housing market.