Commencements on house building in Louth increases in 2017

“The Help to Buy scheme is part of the solution"

Donard McCabe

Reporter:

Donard McCabe

One off housing units building in Louth increases by 164% in 2017

One off housing units building in Louth increases by 164% in 2017

The Construction Industry Federation(CIF) have released figures on house building in Louth so far in 2017 and it shows that commencements on housing units in Louth for the first three months of 2017 has risen by 163.6%.

This is among the largest increases in the country for commencements.

145 new commencements began in the first three months of the year, of which 30 are one off housing units.

Other figures for Louth from the CIF analysis show that from January to March 2017, 100 house completions took place in the county.

This is up from 64 on the same period last year, or a 56.3% increase.

These units were made up of 39 individual houses, 59 scheme houses and two apartments.

In the 12 months to the end of March 2017, 397 new housing units were completed in Louth – up from 318 in the 12 months to the end of March 2016.

According to the CIF, the Help to Buy Scheme is beginning to deliver supply in first-time buyer market and is part of the solution to increase the housing output target.

In his statement on the statistics, CIF Director General Tom Parlon had this to say about the scheme:

'The Help to Buy scheme is part of the solution and is having a positive impact on the ability of first time buyers to purchase a new home. 

'There’s a noticeable increase in the percentage of starter homes being constructed and subsequently purchased compared to one year ago.

'House price increases are not been driven by activity in this segment, all agree that a lack of supply in the second hand home market is driving inflation.

'The first-time buyer grant is helping increase supply for this segment which in time will take them out of the second hand market.'