Glenveagh boss predicts drop in new-builds by end of year

Stephen Garvey says numbers have dropped since spring peak of 35,000 commencements, while profits at the group have soared by over 200 per cent

Michael Rice, chief financial officer, and Stephen Garvey, chief executive, Glenveagh Properties: ‘We think there needs to be reform as quickly as possible to look at being able to supply more own-door housing into the system.’ Picture: Fergal Phillips

The number of new homes being built is likely to dip considerably by the end of 2022, having peaked earlier this year, the head of Glenveagh, the listed home builder, has said. Stephen Garvey said new home commencements “probably peaked” at about 35,000 this spring, but had fallen back considerably since then.

“If you follow the data it has been going backwards over a number of months,” he said. “The commencement data is rolling back ...