Glenveagh shares tumble on CEO departure and industry outlook

Shares in Glenveagh Properties, one of the largest housebuilders in the State, slid by as much as 7% after it announced its chief executive has quit and said that the gap between supply and demand in the Irish housing market is likely to persist "for some years".

New chief executive Stephen Garvey said there has been no real wave of new houses hitting the market, with much of the commencements reported being apartments. He said there remained pent-up demand in the Irish market and lingering affordability issues.