25% of fuck all is still fuck all in the 2Pack school of statistics. The Irish Times differs…but they have a property supplement to sell of a week.
Leaving aside whether these people can get money to BUILD the permitted homes the number of planning permissions in Q4 2006 was more like 18600 than 1860 . In Q4 2006 the IT did not query the unsustainably “Huge” number of permissions either, sure they still had a property supplement to sell every week after all.
Furthermore…how many of the “Huge” 1860 Q1 2013 applications were retention applications by the likes of BOSI and Ulster who are assidously clearing out the dross from their loan book…just so they can get rid like. ???
I would regard the Irish Times as one of the least reliable sources possible for property. They played an enormous role in inflating the bubble. So many people foolish enough to trust them, are a bit fooked, as in have lots of negative equity. The IT pratfall in buying myhomes was well deserved.
They are the real origin of the ‘spin’ which the Times just cut and pasted.
The CSO neglected to highlight the fall y.o.y in volume (much easier to rig the area number as discussed).
Clearly we are getting a more “Spanish / Italian” flavour to our stats - God help us !
I suspect there is a 110% chance we will see a meteoric rise in the use of surge, huge, green shoots and recovery in relation to new builds over the latter 50% of 2013, going forward. Increased affordability in the housing market will result from easing of house prices.