Construction Information Services (CIS) reports that in the first three quarters of 2024, there were 2,778 housing completions down from 5,373 in 2023.
Total completions in 2024 are projected to fall significantly short of 2023 levels, marking the fifth consecutive year of declining residential completions.
CIS commercial director Dave Thompson explained: 鈥淣I Water, the public body that maintains our water supply and infrastructure, has said that limits to its funding mean that it can鈥檛 provide the infrastructure to support the strong demand for housing developments. We have seen the impact that these issues have had in Q1/Q2/Q3 2024 with significant reductions in housing activity.鈥�
He continued: 鈥淜ey regions have been particularly affected. In the first half of 2024, Belfast, one of the most critical areas for housing supply, experienced 266 completions 鈥� well below the required levels to meet ongoing demand.
鈥淚f this current pace continues for the remainder of 2024, it will mark another challenging year for the housing market. This continued decline could impact home availability, particularly in key urban centres. These issues, largely driven by under-investment, have limited the region's capacity to meet housing demand, particularly in high-demand regions like Belfast, Antrim and Newtownabbey.鈥�
The CIS report notes a persistent gap between private and social housing completions. In Q3 2024, there were 5,509 private units completed, compared to just 501 social units. This gap highlights the limited availability of affordable housing for lower-income groups.
Thompson said: 鈥淎ddressing the shortfall in both social and affordable housing is critical 鈥� particularly as demand for low-cost homes continues to rise. Without a greater emphasis on both of these areas, Northern Ireland will struggle to meet the current housing demand, particularly as economic pressures intensify.鈥�
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