Homebuilder Cairn Homes said that demand for its new homes remains exceptionally high across all market segments.
In a trading update ahead of its AGM in Dublin today, Cairn Homes said that State supports for homebuyers, a more favourable mortgage market and the limited supply of competitively priced starter homes are driving the positive momentum in its core first time buyer market.
The company today reaffirmed its full year guidance of about 2,200 housing units and operating profit of about €145m.
Cairn also said today that it continues to grow its longer-term sales pipeline reflecting the increase in active large apartment projects.
Its current total closed and forward orderbook now stands at over 2,750 new homes, with a net sales value of over €1.05 billion. Over 1,000 of these units will be delivered in 2025 and beyond, it added.
The builder said its first three forward fund transactions will deliver nearly 1,300 Social & Affordable new homes, with the first transaction at Parkside (368 new homes) expected to close in the short-term and the other two transactions expected to complete in the second half of 2024.
It has also agreed commercial terms with a major university for the forward funded delivery of about 500 student beds in a scaled development adjacent to their campus, adding that the student accommodation market is significantly undersupplied.
"We are pleased that our housing output will grow by nearly 30% this year and our forward order book of in excess of €1 billion is a testament to the exceptional demand for our homes," Cairn's chief executive Michael Stanley said in today's trading update.
"What is equally pleasing is that the broader industry is ramping up completions and Government initiatives are working," he added.
Shares in the company moved higher in Dublin trade today.
