James Lawless
Question:368. Deputy James Lawless asked the Minister for Housing, Local Government and Heritage to examine a housing matter (details supplied); and if he will make a statement on the matter. [21334/24]
View answerTuesday, 14 May 2024
Questions (368)
Written answers
Housing for All, the Government’s housing plan to 2030 is a multi-annual, multi-billion euro plan which will improve Ireland’s housing system and deliver more homes of all types for people with different housing needs. The Plan will increase the supply of housing to an average of 33,000 per year to 2030. Over 300,000 new homes will be built by the end of 2030, including a projected 90,000 social homes, 36,000 affordable purchase homes and 18,000 cost rental homes. The increasing number of new homes being built show that Housing for All is beginning to take hold. The number of new homes delivered last year was the highest in fifteen years, with 32,695 new homes completed in 2023, 10% higher than in 2022 and exceeding the Plan's 2023 target of 29,000 by almost 13%. Rolling 12-month completions are up 3% year-on-year, from 30,744 in Q1 2023 to 31,820 in Q1 2024. This is the third quarter in a row the rolling 12-month completions have surpassed 31,000. At the same time, rolling 12-month commencements of new homes for the period to end-March were more than 37,400, up 37% year-on-year.While homes are being built at record rates, it will take time for the suite of measures set out in Housing for All and the additional supply we are seeing to make the difference needed. There is no overnight fix to the issues we face, but Housing for All addresses the root problems. The Government is acting decisively to expand the options for those currently facing affordability constraints in buying or renting a home with an unprecedented levels of financial commitment. The affordable measures introduced by Government will make homeownership achievable for tens of thousands of individuals and families in the near-term and will reduce the rental pressures on thousands of hard-pressed middle-income earners.Recent data shows that these measures are having a real impact. Mortgage approvals by first-time buyers increased by 15% year-on-year, to almost 2,200 in February, the highest February first-time buyer volumes since the data series began in 2011. There were almost 31,000 first-time-buyer mortgage approvals in the year ending February 2024, also the highest annual levels since 2011. Mortgage drawdowns by first-time buyers also reached a new peak of almost 26,000 in 2023, the highest annual level since 2007.
Supply is key, but Housing for All is not just about delivering the necessary homes for private, social and affordable housing. It is also about setting out a pathway to economic, societal and environmental sustainability in the delivery of that housing. The full suite of actions under Housing for All and the Housing for All Updated Action Plan are available here: www.gov.ie/housingforall.