43% fewer houses registered under guarantee scheme in 2007

THE number of new houses registered under guarantee schemes for 2007 was down 43% compared with 2006.

Loan approvals at 18,640, with a total value of €5221.3 million, represented decreases of 19.1% in volumes and 25.6% in value.

The average price for a second-hand house or apartment was down more than 2% at the close of 2007 compared with the same period the previous year, according to latest government figures.

Based on loans approved to home purchasers, the average price of a new house in the final quarter of 2007 was €314,333, slightly above the average price reported in the same quarter in 2006.

The average price of a second-hand house, including apartments, was €366,912, down 2.3% on the previous year.

Nationally, the number of new houses registered under guarantee schemes for 2007 were 38,351 units, down 43% on the 2006 statistics.

Housing, Urban Renewal and Developing Areas Minister Batt O’Keeffe welcomed the statistics on affordable housing output, house prices, and lending activity in 2007.

Referring to the recent media interest in the Limerick regeneration programme, the minister announced an overall increase of 28% in the capital allocation for regeneration programmes across the country.

“These projects go beyond a simple upgrading of the housing stock and all activities are centred on the delivery of sustainable communities over the long-term,” he said.

Last year saw the delivery of 9,469 social and 3,567 affordable housing units.

“Social housing, once synonymous with sprawling estates on the edge of urban areas, has been replaced with projects that seek to deliver sustainable social and tenure mix within strong local communities,” said the minister.

House prices

78,027 units were completed nationally in 2007. 17,725 units were completed in Dublin and 24,974 units in greater Dublin.

The average price of a new house was 314,333, which is slightly above the average price reported in the same quarter in 2006.

The average price for a second-hand house was 366,912, down 2.3% on the average price in the same quarter in 2006.

Nationally, the number of new houses registered under guarantee schemes for 2007 was 38,351, down 43% compared with 2006.


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