Housing supply would need to increase to an average of 60,000 units per year to address just half of the shortfall over the next five years.

That's according to a new report from property finance company Initiative Ireland, which examined Ireland's housing supply last year and the overall recovery of the housing market in recent years.

Today's report also forecasts that annual housing supply is unlikely to exceed an average of 45,000 units over the next two years.

This is a worrying finding when set against the reports other conclusion that housing supply would need to increase to an average of 60,000 units annually to address just 50% of the shortfall over the next five years.

That would require increasing output to nearly double from this year onward.

The report highlights the cumulative housing shortage has reached 152,000 units since 2017, which suggests a 45% deficit in the supply of new homes during this period.

Kildare ranked first in housing supply, exceeding the national average by 65%, followed by Meath, Wicklow, and Dublin.

Reporting by Teena Gates.

Main image: 11/01/2022 Covid-19 Pandemic (Coronavirus), Ireland. Day 657 since start of lockdown. New Housing Construction. Builders at work on new A Rated 2,3 and 4 bedroomed homes being constructed at Curragh Farm in Newbridge County Kildare.Photo: Eamonn Farrell/RollingNews.ie