Davy construction estimates cut back

Davy Stockbrokers has trimmed its full-year 2007 house-build completions estimate from 87,000 to 80,000 — which would be 9% down on the 2006 figure.

“We assume that completions will drop further to 75,000 in 2008,” said analyst with the company, Rossa White.

“However, official data indicates the slowdown has not intensified since it began last autumn. Most of the hype is generated from anecdotal evidence. Census 2006 results reveal that housing demand is underpinned at high level. The results imply housing demand from 2008 to 2010 may reach 70,000-75,000 per annum as long as immigration continues at its current rate,” he added.