Initiative Ireland today announced the launch of its new annual housing report, entitled Housing 2031. The report was commissioned to provide a more accurate and consistent view of housing supply and demand over the last 25 years in the Republic of Ireland, to more reliably forecast true housing demand up to 2031. The report has observed regional population and housing trends from the last 25 years and overlaid this information against population forecasts up to 2031.

Initiative Ireland was founded in 2015, as a digital challenger within the Irish Finance Market. In 2017 the company launched InitiativeIreland.ie with the aim of offering affordable finance to smaller, experienced property developers who were seeking to build residential housing in high demand areas.

The company provides short term mortgage loans to developers, which are in turn financed by Initiative Ireland’s private individual and institutional members. 

Today's report finds that over 40,000 new homes are needed in 2018, or 34,000 annually until 2020 with surplus demand across all regions of Ireland. It is estimated that fewer than 10,000 new homes were delivered nationwide in 2017 based on Builder Bonds and BER Rating registrations.

Furthemore,It is predicted that 50% of Housing Demand will fall within Greater Dublin Area by 2031.

Commenting on the report, CEO of Initiative Ireland, Padraig W. Rushe said, "We don’t need to rely on reports to tell us that there is a significant shortfall in housing today, that is self-evident. That said it is important we build an accurate picture of the level of housing demand regionally and how that is likely to change in the coming years, if we want to build a sustainable housing market. While there have been multiple public and private reports issued recently on the subject, most reference data sources they openly acknowledge are significantly flawed." 

Source: www.businessworld.ie