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Property Industry Ireland submission to Rebuilding Ireland Review

Government's Action Plan for Housing and Homelessness contains many welcome and important initiatives for the Irish housing market. PII has made the attached submission to the first annual review of the action plan.

The existence of a crisis in housing supply is well documented. However, the pace of implementation of some of the initiatives in the Action Plan does not appear to reflect that crisis. PII urge Government that the Review re-commit to the actions as set out in the Action Plan, to remove any obstacles to urgent implementation and, where deadlines have passed, to prioritise these actions.

Certainty in overall policy initiatives is important. Market sentiment is important in the housing market. Changes in policy or uncertainty regarding future policy can negatively impact on both demand and supply. The timeline involved in house development, from financing through land acquisition, seeking planning permission and construction can span a number of years. For this reason, policy initiatives are likely only going to have their full impact on housing supply if they are left in place for a sufficient period of time.
A number of barriers can be identified that are constraining an increase in supply:
  • Cost of construction
  • Funding availability
  • Funding cost
  • Land prices and insufficient zoned serviced lands
  • Continued delays in the planning process
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