The magnitude of public expenditure on housing and its significant upturn in recent years is noteworthy. Projections suggest a total surpassing €8 billion by 2024, not including a few sectors where accurate costings remain elusive. As the various initiatives unveiled in recent years gain momentum, we can anticipate further elevations in expenditure in the coming years.
Given the housing crisis, the hefty resources allocated are justifiable. However, the question stands whether these funds are being utilised in the most efficient way? Also, are the correlated policies in areas such as planning and regulation optimally driving success?
These two queries are of pivotal importance, with the upcoming report from the Housing Commission expected to provide substantial insights. The future of demand supports such as the Help-to-Buy scheme remains debatable, particularly where housing supply is lacking. Similarly, the effectiveness of multiple schemes launched lately to accelerate home supply is subject to variable success rates – a straightforward evaluation of this expenditure, and its impact on key issues, is required.
Ancillary policies in areas like planning also hold significant importance, ensuring expedited decision-making while allocating resources to an already strained system, both in regulatory and legal terms. Many have criticised the Government’s approach here as peculiarly sluggish; these hold-ups, in effect, result in less efficacious and delayed returns for the billions invested elsewhere.
We anticipate that the commission’s forthcoming report will offer a roadmap for examining these issues and play a critical role in the upcoming general election campaign. Governments may function within tight schedules, however, housing, inherently, is a long-term matter. It is essential for any viable strategy to acknowledge this.