Calls to cut Vat to tackle acute lack of homes

Property Industry Ireland (PII) has called for the Vat rate on houses to be cut from 13.5% to 9% for two years in order to address the “acute” lack of supply of affordable owner-occupied, rental, and social housing.

PII director Peter Stafford said Ireland has been building less than half the number of houses needed to keep up with demand. “This year, as in previous years, we will miss the target,” he said.

“Dublin currently needs about 5,600 new houses per year, rising to 8,900 in 2018, but last year the actual supply was under 2,800 units.