McInerney fails to meet completion target

In a trading statement released today, McInerney Holdings saw a decline in the number of private house completions in 2007 totalling just 594, in comparison to 1,025 in 2006.

It wasn’t all negative news with the company’s output in the UK and Spain up to 2,414 last year from 2,372 in 2006.

Private house completions in the UK were 1,400 in 2007, up from 980 in 2006.

Barry O’Connor, Managing Director, McInerney Holdings said: “In Ireland, negative sentiment and the tightening of credit caused us to achieve fewer unit completions than indicated in our September guidance. “

“The market is going through a period of correction. This adjustment should provide a more stable housing market and should be advantageous to our business model. The fundamentals behind the Irish housing market remain positive.”