McInerney says house sales low but steady

Irish house builder McInerney has said the prospects for further growth in Ireland and the UK continue to be curtailed by negative…

Irish house builder McInerney has said the prospects for further growth in Ireland and the UK continue to be curtailed by negative consumer sentiment and restricted mortgage availability for home buyers.

“The deteriorating international financial and economic conditions have further delayed recovery in both the Irish and UK housing markets,” Dublin-based McInerney said in a trading statement today.

However it said sales in Ireland and UK were at low but steady levels

McInerny said the number of house completions is behind previous guidance in the half-year results.

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“This is in part due to a lower level of completions in Ireland,'' it said.

The recent interest rate reductions in Ireland and the UK should be beneficial, but any positive impact is unlikely to flow through until 2009, it added.