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Irish house building lowest since 70's

Monday, February 04 07:42:28

Fewer houses were built last year than in any other year since records began in 1970.

This year even fewer are expected to be built.

New figures from the Construction Industry Federation reveal that less than 8,500 homes were constructed last year.

The majority of the houses built were once-off houses or the completion of unfinished estates.

The Federation says if banks keep their promise to provide more credit, it could help stimulate demand. Dublin, Cork and Galway recorded the highest number of house completions.

The CIF says the ESRI estimate that 15,000 to 20,000 new homes need to be built every year to meet future demand.

The group is concerned about the impact that six successive years of decline will have in years to come.

It says if banks keep their promise to provide more credit.

It could help stimulate demand, particularly in areas where vacant stock is low.