Glenveagh swings back to profit and warns of house price inflation

The publicly listed housing company said the rate of inflation in construction had increased in the first half of the year, which was likely to translate into higher house prices from next year

Stephen Garvey, chief executive of Glenveagh: ‘Ireland needs to deliver 35,000 houses per year to keep pace with demand’

Glenveagh, the publicly listed homebuilder, swung back to profit for the first half of the year as the construction sector continues to see strong demand for housing with the economy recovering.

Yet the company warned that the cost of housing construction has increased in the first half of this year, which was likely to materialise in market house prices in 2022.

The housing construction company reported pre-tax profits of €4.3 million for the first six ...