Housing, or rather the lack of it and the disproportionate, life-draining cost of it, was the decisive issue for voters under 35 in last month’s election, just as it was for some of their parents and grandparents.
The chief executive of Cairn Homes — one of the largest home builders in the State —said that shortages of labour are not standing in the way of more housebuilding but that it will nonetheless take time for the industry to respond to the demand for homes that first-time buyers can afford.
The Brexit gloom lifted helping boost the shares of Irish banks and property firms, as well as the owner of Paddy Power, as investors bet the risk of a crash-out Brexit had receded for the time being.
Shares in Glenveagh Properties — one of the two stockmarket-listed home builders that have included Cork, Limerick, and Galway in their build plans — rose slightly as the company told its annual shareholders’ meeting it had effectively hit its full-year sales target seven months early.
The chief executive of Cairn Homes, the country’s largest housebuilder, said annual peak new supply will reach only 25,000 in the coming years, meaning too few homes will be built to keep the housing crisis and runaway rents under control.
Irish shares tapped a surprise early new year buying wave that sent the Iseq Overall index climbing 3%, reflecting huge gains for Bank of Ireland and housebuilder Glenveagh at the end of a week marked by global stock market tremors.