DAVY VIEW

This morning’s Irish housing starts data have beaten all expectations, showing 7,596 commencements in Q3 2019 – up 33% on the year; the 2,648 in Dublin were up 27%. There have been 26,100 starts in the 12 months to September, a fresh high, showing that the recovery in completions from 18,100 in 2018 clearly has got further to run. Analysis by some commentators that weaker house price inflation and Brexit uncertainty were depressing homebuilding is clearly well wide of the mark.