Latest figures available to my Department show that 41,486 houses were completed in the first 11 months of 1999, representing an increase of 10.4% on the same period in 1998. While final figures for 1999 are not yet available to my Department, I expect that a total of some 46,000 houses, both public and private, were completed during 1999, representing a new record level of housing output.
Demand for housing generally is influenced by many factors including strong economic growth, low interest rates, increasing employment, rising levels of real personal disposable income and demographic changes. Forecasts of continued strong economic growth along with recent demographic predictions coupled with high immigration, particularly in the key household formation age categories, and the fall in average household size all point towards continued high demand for housing. For this reason the national development plan provides the framework for an integrated investment strategy to facilitate the provision of 500,000 houses over the next ten years. The provision of £6 billion investment for social and affordable housing will ensure that the social housing needs of over 90,000 households will be met with Government assistance over the period of the plan.