It's bad in the new homes market but worse in second-hand market – Independent.ie

House prices rose by 12.4pc in the year to September and are now back to within a hair’s breadth of pre-crash levels. New house building has stopped rising while the second-hand market has seized up.

irst the good news. House building proved remarkably resilient during the pandemic. A total of 20,500 new houses and apartments were completed last year, down only marginally on the 21,000 built in 2019.

Unfortunately, this seems to be as good as it gets with the almost 13,600 new houses and apartments being completed in the first nine months of 2021 being up less than 3pc on the 13,200 completed in the first nine months of 2020 and down almost 8pc on the 14,700 built in the first three quarters of 2019.

What seems to have happened is that, after bottoming out at 4,500 units in 2013, new housing output initially bounced back strongly. However, it

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