Mr. Liam McLoughlin:

The consensus is that the numbers, particularly in the Dublin area are rising by approximately 10% to 12% in the current year. As the Deputy is aware, there is a significant supply shortage. In a market like this where there is significant demand, employment numbers rising, new jobs being created particularly in the urban areas, house prices will continue to rise until the supply issue is fully addressed. The numbers vary widely with 25,000 to 35,000 housing units required per year. More recent numbers indicate it is at the upper end and that number is under pressure. Completions last year were around 14,900, heading to 17,500. A number of those completions appear to be in non-urban areas and are self-builds. Therefore, the gap is quite significant and that will continue to put pressure on pricing.