DAVY VIEW

Completions came in ahead of consensus and in line with Davy forecasts after a very strong seasonal Q4. Our approach takes the commencements profile of houses and apartments separately into account, and our Q4 forecast for each was very accurate. This, along with wider indicators of strength for the new housing pipeline, gives us confidence that housing output will continue to increase in 2026 and 2027. We also note that the impact of the Government’s supportive policies in 2025 have yet to fully take effect; these remain essential for sustaining necessary higher completions.