ost self-builders in ROI stopped construction on January 8th 2021 as all non essential construction sites shut their doors. Sole traders, such a plumbers, glazers and electricians, will only work on an emergency call-out basis to existing homes and businesses.
Essential construction projects that are exempt include housing adaptation grants, if the homeowners are happy to allow the tradesmen in to carry out the work.
The NI Executive, meanwhile, has decided to keep construction sites open despite having entered a lockdown of its own on December 26th 2020 for a period of six weeks.
Meanwhile, the Banking & Payments Federation Ireland (BPFI) reports mortgage approvals are the highest they have been in a decade, with the average amount lent by banks increasing by 5 per cent to €250,000 – indicating price inflation.
The BPFI also warned housing supply won’t match demand until at least end of 2023, even though housing completions started to recover towards the end of 2020. “Given the severe restrictions during the second quarter of the year as well as ongoing measures on construction sites, completion numbers are likely to be much better than early estimates back in April/May,” read the BPFI third quarter report.
The BPFI expects 20,000 units to be built in 2020, which compares to the Economic and Social Research Institute (ESRI) forecast that Ireland will need 28,000 new homes every year for the next thirty years.
Third quarter planning permissions also recorded growth, according to the Central Statistics Office.
