DAVY VIEW

While some seasonal cooling of residential property prices is typical for November, the slowdown for Q4 so far is noteworthy given major ongoing supply constraints. A decline in household transactions for new properties also points to downside risks for our expectations for Q4 housing output; less than 36k in next week’s result therefore looks likely. However, we remain upbeat for a substantial increase in 2026 and 2027, helped by last year’s reforms introduced by the Government.