DAVY VIEW

New dwelling completions increased modestly in Q3, owing to an underwhelming result for scheme houses. By contrast, single (one-off) houses grew strongly while apartments were close to our forecast of c.3k. Our above-consensus forecast of 37.5k new homes built in 2025 looks unlikely to be achieved. However, we remain encouraged by the large increase in construction employment for residential developments seen in Q2 and the significant pipeline of homes commenced over the past year.