Number of homes needed per year to ease housing crisis will not be delivered until 2029 [Video]

The housing crisis will deepen every year for the next four years at least under the Government’s new construction targets, writes Craig Hughes.

Confidential Housing Department documents obtained by the Irish Daily Mail show the 54,000 new builds needed per year to outpace demand will not be delivered until 2029 at the earliest.

In that time, Ireland’s housing deficit, currently estimated at between 212,500 and 256,000 homes, will have increased significantly, with the shortfall expected to grow by 21,000 between 2025 and 2030.

Department of Housing officials predict the housing deficit will not be cleared until 2036 but only if annual delivery can be ramped up to 72,000 new homes by then.

Last week the Economic and Social Research Institute (ESRI) warned property prices here are overvalued by as much as 10%, increasing the risk of a “painful correction” in the market similar to the 2007 property crash – with low availability and …