After two turbulent years, hopes were high that 2022 would see a return to normality. Unfortunately, it was not to be. The war in Ukraine and the associated economic challenges have all created increased uncertainty in all aspects of life. For property, the most direct impact of uncertainty was on construction. While house completions are expected to reach 26,000 this year, the anticipated precipitous recovery in supply in 2023 and beyond is now less likely. As such, a significant supply deficit will persist.