The price of new builds for first-time buyers will continue to rise by an annual 5% to 6% for the next few years, although the Central Bank’s mortgage lending rules are weighing on prices in the second-hand market, says Glenveagh Properties.

The 11 sites have the potential to deliver 1,319 units.

Shares in Glenveagh Properties rose almost 14% above its offer price on its debut on the Irish Stock Exchange as investors hailed the prospects for an Irish house builder focused on building houses.

Glenveagh Properties, which plans to become only the country’s second listed housebuilder after Cairn Homes, said it aims in time to achieve a gross margin of 20% on operations.