Ireland suffered a 45% drop in housing registrations last month, year-on-year with April 2007.

The statistics, published in a briefing note from NCB Stockbrokers, today, reflect a cut back on projects by builders, in response to weakening property demand.

In the four months through to April, registrations declined 62% from the year-earlier period. The NCB facts are based on calculations on data from Homebond, which registers new developments.

"This represents another weak month as builders scale back developments plans in response to an environment where buyers continue to defer purchases in the hope of securing lower prices," said NCB analyst John Sheehan.

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Overcoming the current housing situation is bound to be a key objective for newly appointed Taoiseach Brian Cowen, who took office today.

Speculation is mounting that Mr Cowan may organise a cabinet reshuffle, which could include Minister for Housing Batt O'Keeffe.

Mr O'Keefe last week pledged local authorities would spend more than €1 billion on social housing in 2008.

This includes €65m on the Ballymun regeneration, €15m in Cork city, €13m on the Limerick regeneration programme and €7.5m on Sligo Borough Council's Cranmore regeneration project.

See: UK Report Notes Construction Slow-down

(PR/JM)