Report confirms housing market downturn
There are no signs yet of a let up in the downturn in housing market activity, according to the latest AIB Housing Market Bulletin report.
Housing registrations fell by 57% in October and are now down by 41.5% year-to-date, the report found.
Meanwhile, commencements have also been weak, falling by 50% year-on-year in Q3, leaving them down by 31% year-on-year in the first nine months of the year.
Due to the lags from registration to commencement to completion, this decline is only now beginning to be reflected in completion levels.
Completions (on a CSO adjusted basis) were broadly flat compared to 2006 levels in the first half of the year.
However, in the third quarter this year they declined by almost 23% year-on-year, leaving them down by 8.2% for the year to September.
