Banking and Payments Federation of Ireland (BPFI) published some very worrying statistics in its latest Housing Market Monitor.
According to a new report from the BPFI, the average cost of rent in Ireland has increased by an alarming 82% in the last twelve years. This stark figure comes as a comparison to the EU, whose average rents have risen by just 18% in the same time period.
The demand for housing is not being met; RTÉ News reports that while the population has grown by over 500,000 in the last 11 years, but only 130,000 housing units have gone up in that time.
According to RTÉ news,
“The BPFI also said that while there was a significant increase in new housing to the market in 2022, we are now seeing a decline in the figures for the commencement of new builds.
It noted that commencement figures of new housing in the first nine months of 2022 were 5.4% higher than in the same period of 2019.
But that activity seems to be declining on an annual rolling basis after peaking at 35,000 units during the first quarter of 2022 to about 26,600 units in October.”
BPFI Chief Executive Brian Hayes reportedly says that unless there’s a significant increase in housing, the current crisis will continue.
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