Demand pushes up new home building

Construction began on a record number of houses in Ireland in 2002, new figures today revealed.

Almost two-thirds more new housing developments were registered with housing warranty company HomeBond in 2002 compared to 2001.

The increase was put down to a return of investors and soaring demand from first-time buyers.

HomeBond’s end of year figures showed that 47,079 new developments were registered in 2002, an increase of 63% on the 2001 figure of 28,845.

Last year’s total was a third higher than the previous record of 34,613 housing starts in 2000.

The highest increase was seen in Cork, where 90% more developments were registered over the past 12 months.

A spokesman said the most remarkable change was in Dublin, which saw a rise of 85% to 16,000; previous records have never exceeded 9,000.

Galway, Limerick and Waterford also experienced significant increases.

The figures, compiled quarterly by HomeBond, account for the majority of new housing developments but exclude one-off and self-built homes.