Gloomy Predictions For Future Completions

The number of homes built in Ireland during the first eight month of this year has continued to drop in comparison to 2007, figures from Irish Department of Environment have confirmed.

House completions in August fell to 3,605 - adding to the total 35,714 built from January to August.

Completions during the first half this year was at an estimated 27,736 - around 30% down on the same period last year.


The National Irish Bank's Chief Economist Ronnie O'Toole commented on the figures.

He said much of the work undertaken in the current market is either one-off projects or private sector contracts.

Mr O'Toole said only 1,900 private houses were started in July, compared to almost 7,000 in July of 2005.

The leading economist said that current trends pointed to an even weaker housing activity next year than this year.

"With a stock of unsold housing still holding the market down, a pick-up in activity is not going to take place any time soon," he added.

(PR/JM)