Ireland’s largest publicly listed housebuilder Cairn Homes has announced plans to buy back shares and issue a dividend for the first time, saying Brexit was having no impact on the market for homes for first-time buyers.

Cairn, along with rival stock market-listed Glenveagh Properties, has been out of favour for some time despite it delivering into a market which cannot meet the demand for new homes.

A renaissance in the property market helped profits at housebuilder Cairn more than treble last year.