Homebuilding company Cairn Homes has said it is confident of achieving its initial target of 1,000 unit sales by 2019.

In an interim management statement, the company said it continues to scale its operations and expects to commence building on a further five housing development schemes next year.

The company listed on the London Stock Exchange earlier this year. 

Cairn noted that the supply-demand imbalance in the housing market in Ireland has become more acute in the months since the group's IPO. 

It added that the Government has made a number of announcements of policy changes to address the housing crisis in Ireland in recent weeks.

Today's trading update said that strong progress continues to be made at the group's site in Parkside on the Malahide Road in Dublin 13. It is now sale agreed on 40 houses, with an average sales price of €342,000.

The site now has 56 houses at or near completion, with a further 50 houses at varying stages of completion and 90% of the civils works across the entire first phase are now complete. 

It also said that good progress also continues to be made at the group's site in Albany in south Dublin, with the company on target for a full scheme sales launch toward the end of first quarter of next year. 

"Given the current strength of its site acquisition pipeline, the group remains confident of its ability to efficiently deploy the IPO proceeds over the coming two quarters," the company added.