In April and May, the construction starts for new residential units in the greater Dublin area skyrocketed, reaching the number of the last eight months, according to real estate agent Lisney.

he surge in housing starts is due to Avant Money, one of Ireland’s newest mortgage lenders, announcing that it has received over € 600 million in new mortgage applications over the past year to date.

Housing figures were included in Lisney’s latest research report on building land.

In the second quarter report, Lisney found 6,572 residential units in April and May Greater Dublin area. The beginnings corresponded to those of the previous eight months.

Aoife Brennan, a director at Lisney, said the commissioning of the new unit would be fraught with site closures due to Covid-19 restrictions that applied to the sector earlier this year.

“The reason for that [high number of commencements] was because locations were closed from the beginning of January and did not reopen until mid-April. Builders willing to go on site earlier in the year with properties couldn’t, “she said.

“This meant there was a cluster of units waiting for construction to begin, which began in April and May after the sites reopened.”

Brennan added that construction has started on 12,623 units in the greater Dublin area in 2020.

Brennan said the housing crisis would require “multiples” of those starting numbers.

“In terms of the completion of new buildings, the annual numbers will be lower than expected,” she said. “Before the outbreak of Covid, the expectation was that new apartments would be completed nationwide in 2021, up to or even over 30,000 annually.

“20,000 and five hundred units were built in 2020, and almost 9,000 in the first half of this year.

“Given that Construction work slows down, though During lockdown number three at the beginning of the year, around 70 percent of the sites were closed, it is likely that only around 20,000 will be completed this year. “

Brennan said the June numbers showed the starting numbers were down in the greater Dublin area, but the month number of June from 1,842 was still higher than any single month in 2019 or 2020. However, she cautioned that labor and material restrictions would likely be reflected in those numbers in the coming months.

Regardless, Avant Money, which entered the Irish mortgage market last September, announced that it had received over 600 million euros in new mortgage applications over the past year.

Avant’s three-, five- and seven-year fixed-rate products start at 1.95 units. When launched, the mortgage products were sold exclusively through the top 20 brokers in Ireland and initially focused on the major metropolitan areas.

Avant Money said it believes its future performance looks good as it continues to refine its pipeline.

“Our goal is clear – to build on our long and successful credit card and credit businesses to become Ireland’s leading non-bank lender and bring much-needed competition and value to Irish consumers.”

Last month, Avant became the first lender to offer a 30-year fixed rate through its One Mortgage product.

Avant’s new continental style offerings are priced between 15 and 30 years from just 2.25 pieces.