In its latest quarterly bulletin, the Central Bank said completions fell in year-on-year terms by 20 per cent in the first quarter of 2021, though commencements rebounded strongly in April after the reopening of building sites.

“Housing completions are forecast to remain below estimates of long-run demand, increasing by approximately 20,000 units in 2021, 23,000 in 2022 and 26,500 in 2023,” the report states.

“Some 25,000 fewer completions are expected over the 2020-2023 period relative to pre-pandemic projections. Persistent imbalances between housing supply and demand mean that affordability pressures across rents and house prices continue to rise.

“Price rises may also result given increased input costs of housing delivery, which have been particularly acute for raw materials recently.”