07 May 2015
It appears there will be little improvement in the number of residential completions this year, given recent data released by the Department of the Environment (DECLG). The following DECLG table demonstrates the extent of the country’s current housing crisis and lists nationwide residential completions month-by-month since 1975.
The total number of residential units completed for the entire country in January 2015 was 693, just 17 more dwellings than the same month last year.
RESIDENTIAL COMPLETIONS 1975- JAN 2015 (Source DECLG)
The completion figures for 2014 have been flattered by 20% due to completed/ unoccupied (NAMA) units connecting to the ESB. This has been confirmed by key-stakeholder the Society of Chartered Surveyors Ireland (SCSI), who estimate the actual number of new houses completed last year was 8,900 (see post here).
One year after the introduction of Building Control Regulations (BC(A)R SI.9) residential completions continue to flat-line. Widely acknowledged as being the most costly system of building control, our ‘reinforced’ self-certification system has added between €30,000 to €60,000 to the cost of a typical house (see post here). As a result BC(A)R SI.9 had a major impact on the feasibility of many residential projects, leading to a pronounced fall in residential commencements which we have commented on previously (see posts below).
Completion figures give the most accurate snapshot of actual houses completed and arriving on the market. No doubt the current trend is of great concern to the Ministers and the Government.
BC(A)R SI.9 is the subject of a Ministerial review currently.
Other posts of interest: