David Browne, Director and Head of New Homes at Savills Ireland comments:

“Construction delays due to Covid-19 restrictions have resulted in a significant drop in new home completions this year. Moreover, travel restrictions – particularly in the early part of lockdown – led to many new development launches and showhouse viewings being postponed.  This prevented thousands of would-be first time buyers from getting on the property ladder via the Help to Buy scheme.

“We estimate that between 25,000 and 30,000 new homes are required each year to meet demand however, approximately 18,000 will be completed by the end of 2020. Assuming 2021 brings some level of normality back to the market, stock levels should be higher, and therefore the extension of Help to Buy is welcome news – especially for those who missed out this year.”

Visit Savills Help to Buy hub for more information on the scheme here.