Report estimates only 11,000 new houses will be completed this year

Labour is set to launch its Social and Affordable Housing Bill today

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A new report has found that demand for houses will far outstrip supply this year.

The Property Industry Ireland (PII) report estimates that just 11,000 new houses will be completed this year, with a sharp decline of industrial space available in Dublin.

The report also found that office rents are under pressure - particularly in Cork, where they were up by 8% compared to previous reports.

Director of PII, Peter Stafford, said the number of houses being built is similar to last - and they had hoped that the number would be closer to 20,000.

Speaking on Newstalk Breakfast, he explained there is a number of reasons homes are taking so long to build.

Mr Stafford said: "I think the best way to think about housing development is a conveyer belt.

"At the beginning a developer gets a project which is financially viable, which is ready to go. They then need to seek finance. Then they need to go through the planning system, and then they need to get on a building site [...] So it's quite a long, drawn out process". 

It comes as the Labour Party prepares to launch a bill on affordable housing later.

Members of Focus Ireland, Threshold and the Peter McVerry Trust will join party councillors to discuss the draft bill.

Labour's Housing Spokesperson says rent security and supply are two of the biggest measures outlined in the document.

Jan O'Sullivan also says that today's feedback will be crucial.

"We want to engage with the sector so that we have the opportunity to learn from their expertise as well," she explained.