Increase in housing supply is key to solving our housing crisis – Bailey

The latest increase in housing supply is key to solving our housing crisis, according to Fine Gael TD Maria Bailey, who says that the figures are going in the right direction according to today’s (Tuesday) CSO figures.

“Today’s CSO report shows that the number of new dwellings for Quarter 2 of 2018 is up 34% on the same period last year. This is a significant proportional increase and it is good to see that housing supply is going in the right direction. While these figures are welcome, there should of course be no complacency.

“There is no doubting the severity of the problem we are working to fix since our economic crash. However if the figures keep going in the right direction like this we will see results.

“While other parties throw around simplistic and populist headlines solely depending on increasing funding, Fine Gael in government is delivering real and substantial solutions through our Rebuilding Ireland plan.

“I know it has been frustrating for people, and it feels slow, but in 2016 we were still feeling the effects of the collapse of the residential construction industry by 90%. Rebuilding Ireland has allowed us to put solid foundations in place upon which we build our future.

“We have a range of supply side measures to facilitate the delivery of homes at more affordable price points, to buy or to rent.

“For example there is a new fast-track planning process for large developments and apartments to speed up decisions and provide greater certainty and this is showing results with planning applications on the rise.

“Funding of €200 million to open up housing lands has been provided by government through the Local Infrastructure Housing Activation Fund (LIHAF).

“We have also established Home Building Finance Ireland (HBFI,) to provide competitive loans for builders and approved housing bodies, keeping their costs low – with up to €750m, it is estimated that HBFI could have capacity to fund about 6,000 homes in the coming years.

“The CSO notes in its report that more than three quarters of all new dwelling completions (78%) are in urban areas, which is reflecting demand and is very much welcomed.

“We must stick to the plan now as the measures in Rebuilding Ireland will keep the country going in the right direction.

ENDS

Notes to editor

Progress has been made across the 5 pillars of Rebuilding Ireland

1. Addressing homelessness
2. 4729 individuals exited homelessness into permanent tenancy during 2017
3. 20 family hubs currently in operation providing approx. 500 temporary homes
4. Accelerating Social Housing
5. At the end of Q1 2018, some 6,146 additional housing solutions had been provided across all local authorities in the quarter
6. On the construction side, 3,932, were under construction at end Q1 2018; and some 1,989 homes had been approved and were about to go on site
7. Build more homes
8. Commencement notices up 23% in the 12 months to May 2018
9. In Q1 2018 planning permissions were granted for 24,531 units
10. Improve rental
11. Government has introduced rent pressure zones
12. Minister Murphy announced a large cost rental developments for Dublin
13. Rents would be 15%-25% below market rates
14. Maximum earning to be eligible for the cost rental scheme would be €50,000 for individuals and €75,000 for couples
15. Utilise existing housing.
16. As of July 2018 2,500 vacant homes were brought back into use