Here is our take on the findings:
- Traditional financial sector: The traditional financial sector is not able to provide enough credit to meet the demand for housing. This is a challenge for all of the markets examined in the report, but it is particularly acute in Ireland.
- Government investment: Increased government investment in social and affordable housing is necessary to address the shortfall in supply. This is a key finding across all markets.
- Labour shortage: Labour shortages in the construction sector are a major challenge for expanding housing supply. This is a particular concern for Northern Ireland and the UK, due to Brexit-related impacts.
- Planning systems: The report finds that the planning systems across the markets are generally similar, with local authorities responsible for developing and implementing housing strategies. However, there is some room for improvement in terms of efficiency and public participation.
- Private developers: The report suggests that the role of private developers in the housing market is somewhat idiosyncratic compared to other European housing models. Greater regulation of the land market could help to reduce the role of speculation and lower the cost of housing.
- Modern methods of construction (MMC): MMC is becoming increasingly important for the construction sector, and this is particularly true in Ireland and the UK. This is due to the need to rebuild capacity after the Global Financial Crisis and to meet climate change targets.
- Productivity: Measures to improve productivity within the construction sector are also important, particularly for meeting climate change targets. This includes measures such as retrofitting existing homes and installing heat pumps.