New housing output will be lower than previously forecast, with approximately 24,500 to be delivered in 2022, according to the latest Central Bank Quarterly Bulletin.

Commenting on the report, Sinn Féin Housing spokesperson Eoin Ó Broin said: "The Central Bank is warning that new housing delivery will be lower than what has been previously forecast.

"The Quarterly Bulletin, published today, states that house completions are forecast to be approx. 24,500 this year. With the figure increasing to 29,000 in 2023 and 33,000 in 2024.

"The Central Bank state that this represents a reduction of around 3,500 housing units compared with the previous forecast. This is very significant given the ongoing rise in demand.

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"Clearly there are issues with rising construction materials and labour costs.

"However, the data illustrated by the Central Bank in the report, shows a worrying gap between planning permissions, commencements, completions and new home loans.

"Planning permissions are not commensurate with the number of completions and new home loans.

"This would indicate that there are planning permissions granted but they are being left idle.

"The number of new home loans remains relatively static which shows that despite an increase in commencements and planning permissions the supply required is not coming on stream.

"If you couple this with the fall in homes for sale to owner occupiers in 2021 and the rise in expensive build to rent in latest commencement figures, the housing market picture remains bleak for ordinary workers who aspire to home ownership.

"This Central Bank bulletin once again highlights the need for greater state involvement in the delivery of new homes.

"The government needs to increase its social and affordable housing delivery targets and it needs to ease the tendering and procurement burden on local authorities so these homes can be delivered faster."