Cairn Homes may get boost from mortgage rate cuts

Cairn Homes — the Ireland-focused homebuilder which floated on the stock market last year — could benefit from mortgage rate cuts as it brings more development sites on stream.

The company told its annual shareholders’ meeting yesterday that the four sites were part of its acquisition of the so-called Project Clear loans acquired from Ulster Bank late last year and have the capacity to develop 1,150 new homes in the greater Dublin area.

Darren McKinley, an analyst at Merrion Capital, said the announcement was significant because it had brought more sites closer to completion.