9,000 fewer new homes to be built this year, says Housing Minister

Minister Darragh O'Brien admits building will need to be ramped up to ensure the homes are there for people to buy.

The Housing Minister says around 16,000 new homes will be built in Ireland this year - 9,000 less than projected pre-Covid-19.

Darragh O'Brien also says the government's new affordable home ownership scheme is "well advanced" ahead of its expected unveiling later this month.

Couples who are first time buyers and earn up to €90,000 could qualify under the plan which also includes a shared equity option.

Minister O'Brien admits building will need to be ramped up to ensure the homes are there for people to buy.

"Land - certainly in Dublin, especially in the city - is still overvalued. Most would say it is overvalued to the tune of 35%," said Minister O'Brien.

"Having said that, we do have enough to get going with ourselves right now.

"We are looking at only about 16,000 house completions this year.

"Yes, there will be a predominance of houses in that rather than apartments.

"It is an issue that we have to grapple with and that I am grappling with."