Tuesday, 11 March 2014

Questions (57, 58)

Thomas P. Broughan

Question:

57. Deputy Thomas P. Broughan asked the Minister for Finance in view of the fact that only approximately 8,000 housing units were built here in 2012 and only a further 8,000 housing units were built in 2013 and that he has cited that an estimated minimum of 25,000 housing units per annum are required this year and in the coming years, the target for housing construction in 2014, 2015 and 2016. [12095/14]

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Thomas P. Broughan

Question:

58. Deputy Thomas P. Broughan asked the Minister for Finance the estimated number of homes in the private sector which are required over the next three years to address the ongoing housing crisis. [12096/14]

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Written answers (Question to Finance)

I propose to take Questions Nos. 57 and 58 together.

As the Deputy will be aware, the level of housing output in the economy for any given year is the consequence of the interaction of supply and demand factors.  While the demand  for housing is a function of a number of economic and demographic factors, it is clear that current levels of housing output are running below estimates of medium to long-run requirements (as, for example, projected by the ESRI and others) based on underlying demographics and other factors. However, the Government does not produce annual targets for the number of houses to be built.

That said, my Department does monitor developments in the housing market. As set out in the Medium-Term Economic Strategy, the Government will continue to work on addressing remaining challenges in the property and construction sectors. This will include developing an overall strategic approach to housing supply, identifying and implementing further improvements in the planning process to facilitate appropriate development, and seeking to improve financing options for development and mortgage provision.