DAVY VIEW

​​We see evidence of a strongly improved pipeline for new housing completions​ later this decade in today’s planning permissions data for Q2. The 60% annual increase is broadly based for houses and apartments, with scheme housing permissions up to a 17-year high. Apartment permissions more than doubled compared to Q2 2025, suggesting last year’s policy reforms are beginning to show the Government’s desired effect. The results today could suggest upside risk to our 2028 forecast of 42k home completions.