Home completions hit 15-year high, CSO data shows

Leo Varadkar told a private Fine Gael meeting the CSO data provides clear proof of the progress in the housing market. File picture:  Denis Minihane

Home completions have reached a 15-year high, according to the latest Central Statistics Office (CSO) statistics due to be released on Thursday.

Taoiseach Leo Varadkar told a private meeting of Fine Gael that the latest figures should provide clear proof of the progress in the housing construction sector, and said the party was working to ensure that more people own their own homes.

He said vacancy is also down and work is continuing to close the housing deficit.

Mr Varadkar told a parliamentary party meeting on Wednesday night that while most Western nations were witnessing a decline in their construction industries, Ireland is “bucking the trend” as more homes are being built and up to 500 first-time mortgages are approved every week. Figures due to be released today will reveal a significant uplift in home completions up to the end of last year.

Completions had already seen an increase of 14.4% year-on-year in quarter three of last year, with 8,452 new dwellings finished.

Apartment completions rose 47.3% in the 12 months to the third quarter to 3,373.

Over four in 10 completions in the third quarter of last year were scheme dwellings, with 39.9% apartments and 17.2% single dwellings.

Mr Varadkar also told party members that he did not want to see any student accommodation, nursing homes, or other amenities repurposed for international protection accommodation unless they are already vacant and not in use.

Regarding the ongoing Israeli-Hamas war, the Taoiseach said he supported and respected the work of the International Criminal Court and International Court of Justice, but had yet to see a war ended by a court order.

Mr Varadkar said wars were ended by three outcomes; Victory by one side over another, an armistice, or a political solution.

He said Ireland will continue to focus our efforts on a lasting political and diplomatic solution with a state for the Palestinians and security and recognition for Israel from its neighbours.

Meanwhile, at a meeting of the Fianna Fáil parliamentary party, Jackie Cahill raised changes to the Vat rate on farming equipment which means the tax is no longer reclaimable.

The Tipperary TD put forward what was described as a strong argument to Finance Minister Michael McGrath calling for a reversal of the measure.

It is understood that Mr McGrath said he will explore all avenues to examine how the Vat rebate might be retained.

TDs Christopher O’Sullivan and Niamh Smyth spoke in support of reducing the Vat on the hospitality sector to ease the pressure many in the industry are currently under.