Housebuilder Glenveagh Properties has said it plans to build a total of 8,400 homes between 2022 and 2024, up from its original target of 5,750.

In an update issued ahead of its Capital Markets Day in London, Glenveagh said its medium-term output targets are being increased for 2022, 2023 and 2024 to 2,350, 3,050 and 3,000 units respectively. 

Glenveagh said it expects the market environment to remain favourable with significant private and institutional demand for housing, especially for starter homes.

The company also said that the extent of the institutional demand for  homes is such that it now expects to forward fund a series of urban apartment developments.

It said these urban projects, once successfully forward funded, will result in revenue, profits and cash for the group in advance of the full delivery of the unit output targets outlined.

"We have now completed our net investment in land and, with the inherent opportunities in our business and underlying strengths of our organisation, I'm confident in our ability to deliver the significant ramp-up in volumes alongside maximising sustainable returns to our shareholders," the company's chief executive Stephen Garvey said.