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Housebuilding in Ireland Hits Record High

According to the latest data, housebuilding in Ireland is facing increased demand, with some indexes experiencing a record high in activity levels.

According to the Central Statistics office, 4,419 new homes were built in Ireland in the second quarter of 2018, up 34.1% over the same time last year. A total of 7,909 new homes were constructed in the first half of this year.

A big increase in housing schemes appears to be propelling the higher levels of housebuilding in Ireland. This conclusion arises from figures derived from building energy certificates, ESB grid connections, information from GeoDirectory and data from Revenue.

Most of the new homes were part of a housing scheme while only 26% were standalone projects and only 11% were flats. 78% were built in urban environments. 60.5% of all new homes were completed in Dublin and the Mid-East in the second quarter of 2018.

Statistician Laura Flannelly said that the number of homes completed due to housing schemes was 2,761 during the second quarter, an increase of 54.4% over the year before. 26.2% of all new homes completed were single dwellings, the lowest proportion since recording began in 2011.

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She said that most new home completions were in Dublin and the Mid-East. The highest number of new dwellings (308) were completed in the Dublin 15 Eircode area.

Separate data suggests that the housing pipeline looks set to increase. The Ulster Bank Construction Purchasing Managers’ Index noted the largest growth in housebuilding in Ireland since the index began.

In July the growth rate resulted in an overall increase in Irish construction activity, amid reports of strengthening demand, according to the PMI.

The housing subcategory was consistent with anecdotal evidence as it recorded the quickest rise of those covered by the survey. Ulster Bank Chief Economist, Republic of Ireland, Simon Barry commented on the results by saying that the quickening rate of expensation in Housing was particularly encouraging, as the PMI rose to an impressive 63.9.

Mr Barry said that this was one of the highest readings in the 18- year history of the survey. The most recent CSO figures show that housing completions in the first quarter were up 25% over the year before. The data from the Housing PMI suggests that housing output growth has been sustained.

The index indicated that July saw improved confidence among Irish construction firms Expectations of improvements in customer demand and economic circumstances underscored the positive sentiment.

Specialists in Construction Insurance

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