This is down from the 7.1 per cent recorded in the year to January.

Property developers warned Minister for Housing James Browne and Tánaiste Simon Harris that the Government’s proposed reforms are inconsistent with both the Irish Constitution and the European Convention on Human Rights (ECHR).

It brings to over 15,000 the number of homes built so far this year – which is half of last year’s total.

The Cabinet signed off on new guidelines for apartment building brought by Minister James Browne on Tuesday.

The Housing Minister said he wants to clear away red tape and address ‘viability issues’, which he blames on causing delays in the housing system.

There was a 2 per cent increase in the number of homes completed this year compared with last year, mostly due to apartment completions.