Q Results. Property report. MyHome.ie report in partnership with HOUSE PRICE INFLATION COOLS MODESTLY IN EARLY 2018

Transcription

1 Q Results Property report MyHome.ie report in partnership with HOUSE PRICE INFLATION COOLS MODESTLY IN EARLY 2018

2 PRIVATE CLIENTS DAVY MADE A DIFFERENCE THAT MATTERS TO ME. You don t accumulate money for its own sake. You want to use your resources to make a better life and create bigger opportunities in the future. That s why Davy takes a holistic approach working with you to create a Financial Life Plan and investment strategy that aims to make a difference to you and your family. With Davy, it s a relationship. Start yours today. Call or visit davy.ie/future The value of investments may fall as well as rise. Clients isasadavy, division J&E Davy. & E Central Davy, trading is JDavy & E Private Davy, trading is of regulated byj the Bank as of Davy, Ireland. regulated by the Central Bank of Ireland.

3 Angela Keegan Managing Director MyHome.ie In this issue At the start of the year we predicted that prices would rise by 8% in the year and that asking prices outside Dublin were set to rise faster than in the capital. Although it s early days, our prediction that price inflation in 2018 would not hit the double-digit highs of 2017 has been supported by the finding of our Q1 property report, which is published in association with Davy. Our analysis was based on the impact which we believed the tightening of the Central Bank lending rules would have on the market. It was always likely that the effect of the tightening would be seen first in Dublin. So far that appears to have been the case with tighter lending and stretched affordability having a moderating effect on prices in the capital. Two positive trends we see in Q1 are the pick up in housing supply and an increase in transactions. The number of new developments on MyHome.ie has increased by 24% since the middle of last year and while most of these are in Dublin, Cork has also seen a significant rise. The same can be said about the level of transactions which has also risen significantly in the first two months of the year. While the overall level of homebuilding and transactions remains well short of what is required, it s clear we are moving in the right direction. Commentary from Conall MacCoille, Chief Economist, Davy Research...4 Property price register analysis...12 Three bed semi-detached asking prices...14 Dublin analysis...15 Regional analysis...16 About the report...20 Q1 highlights...22 About the Davy Group...23 Asking prices provide a very useful indicator on where the property market is going and as the property market gears up for 2018 we hope you find the tables, commentary and analysis in our latest report useful in this regard.

4 HOUSE PRICE INFLATION COOLS MODESTLY IN EARLY 2018 Conall MacCoille, Chief Economist, Davy Research T his time last year, rising MyHome asking prices signalled that house price inflation was likely to accelerate into double-digit territory. Twelve months on, the Central Statistics Office (CSO) measure of Residential Property Price Inflation (RPPI) is 12.5% its sharpest pace since early However, the Q MyHome property report suggests that price inflation is cooling off, especially in Dublin. National asking price inflation was 9.5% in Q1 2018, down from 10.2% at the end of In Dublin, asking price inflation was 8.2% down from 11.1%. However, outside Dublin, we have seen asking prices in early 2018 rise at an even faster pace than last year up by 5.3% on the quarter and by 10% year-on-year (yoy). This is not surprising. The tightening of the Central Bank mortgage lending rules, coupled with stretched affordability, was likely to be first felt in the capital. The house price-to-income ratio for first-time buyers in Dublin was 4.1 at end-2017, higher than the 3.5 recorded in Cork, Galway, Limerick and Waterford. Overall, we expect house price inflation will remain close to 10% outside Dublin but cool toward 5-6% in the capital, averaging out at 8% nationally in This cooling off is already evident in more expensive areas and property types. The median asking price in Dublin South city was flat yoy at 275,000 but was up 12.8% in Dublin North city to 225,000. The median one-bedroom apartment price in Dublin increased by 13% over the past 12 months to 190,000; in contrast, median four-bedroom detached house prices have been flat at 650,000. That said, our analysis of the Property Price Register shows that the number of residential transactions above 1m rose to 826 in 2017, up 25% on the previous year. Activity at the very top end of the market shows little sign of slowing down. There are currently 506 properties with an asking price exceeding 1m listed for sale on MyHome.ie. Finally housing supply is picking up. Transaction levels continue to grow up 10% in the first months of There were 18,800 properties listed for sale on MyHome in March Although down slightly on last year, the persistent decline in the number of properties listed for sale now appears to be flattening off. Moreover, in Dublin, the number of properties listed for sale, at 3,900, is up 20% on last year. Furthermore, the number of new developments on MyHome has increased to 423, up 24% on the 342 recorded in mid Two-thirds of these developments are in the greater Dublin area. However, there has also been a sharp increase in new developments in other areas (for example, in Cork to 64 up 68% on mid-2017). That said, current homebuilding levels of close to 12,000 per annum are still well short of natural demographic demand of at least 35,000 units each year. MyHome.ie Property Report: Q

5 Asking prices, Dublin and national Table 1 Price ( ) % change quarter-on-quarter National (stock) 232, % 6.5% Dublin (stock) 324, % 6.5% National (new instructions) 262, % 9.5% Dublin (new instructions) 376, % 8.2% % change year-on-year Source: MyHome.ie Asking price inflation slows in early 2018 to 9.5% The latest MyHome report shows that asking prices rose by 4.8% in Q This is the usual seasonal pattern prices bouncing back in the spring, having fallen during the winter. However, annual asking price inflation nationally has slowed from 10.2% in Q to 9.5% in Q This slowdown is entirely accounted for by the capital, Dublin, with annual inflation now 8.2% versus 11.1% in Q but accelerating to 10% outside Dublin. This slowdown is evident in more expensive areas and property types. For example, the median price in Dublin South city was flat yoy at 275,000 but was up 12.8% over the past 12 months in Dublin North city to 225,000. The overall median price in Dublin was up 3.6% on the year but was up by 6.4% in Cork and 11% in Galway city. In contrast, the CSO s RPPI has shown little sign of any slowdown. In January, prices rose by 0.9% on the month, up 12.5% on the year split between 12.1% inflation in Dublin and 13% in the rest of Ireland. Moreover, house price inflation was in double-digit territory across all eight regions of Ireland. Source: MyHome.ie MyHome.ie Property Report: Q

6 Source: MyHome.ie We expect residential property price inflation will slow to 8% in The tightening of the Central Bank s mortgage lending rules, coupled with stretched affordability, should lead to some softening in price growth in more expensive areas specifically, Dublin. However, double-digit inflation is still likely outside the capital, where house price-to-income ratios are lower. HOUSING MARKET ACTIVITY CONTINUES TO IMPROVE The Irish Property Price Register shows that there were 14.8bn of residential transactions in 2017, up 19% from 12.4bn in This represents 9.2% growth in volume terms to 54,171 transactions. Within this total, mortgage loans for house purchase grew by 18% to 29,395. This means the number of cash buyers was broadly flat at 24,776 now comprising 46% of the market. Of these, CSO data show that non-household buyers, e.g. Real Estate Investment Trusts (REITS), purchased 8,458 properties up 11% on the year. Early data for 2018 paint an encouraging picture. There were 6,657 properties sold in the first two months of This already exceeds last year s total 2 Irish residential transactions Table Residential transactions (bn) Bn s Mortgage lending Bn s Cash purchases 000s Source: Property Price Register; Banking & Payments Federation Ireland MyHome.ie Property Report: Q

7 Finally some impact from rent pressure zones 3 despite the fact the register is not yet complete. We estimate that transaction volumes were up 11.5% in January and February compared with The MyHome data shows some improvement in the availability of residential property. The total number of homes listed for sale was 18,800, broadly the same as this time last year and despite the average time to sale agreed falling from 4.7 months to 4.4 months during that period. In Dublin, there were 3,900 properties listed for sale up 20% on the 3, months ago. Outside Dublin, the stock was down 5% on the year to 14,876. Of course, it is worth bearing in mind that these figures refer to the number of second-hand homes listed on MyHome. The increasing number of new developments coming on- stream will also add to the supply of new residential property in the housing market. According to the Residential Tenancies Board (RTB), the average rent rose by 6.5% across Ireland to 1,054 per month through This is consistent with the Consumer Price Index private rents measure, up 6.1% in the year to February. In Dublin, rents rose by 5.2% to 1,511 per month. Although robust growth, this is actually the slowest pace of rent price inflation in Dublin since 2013 the first sign that 4% rent caps are finally having an impact. In comparison, the RTB measure of average rents rose by 8% in Dublin through Outside the greater Dublin area, rents increased by 7.2% on the year. On either measure, rents are not growing as fast as residential property prices. Hence, our measure of implied rental yields has compressed over the past 12 months, now standing at 5.3% versus 5.5% at the end of Implied rental yields in Dublin have fallen more quickly from 5.8% to 5.4% over the same period. Source: Residential Tenancies Board; Thomson Reuters Datastream MyHome.ie Property Report: Q

8 However, the RTB measure captures the entire stock of rental properties. Over time, the current rate of rent price inflation could be revised up slightly. Number of 1m+ transactions rose 25% in 2017 One gauge of the strength of Ireland s property market is the number of residential transactions exceeding 1m. In 2017, there were 826 such transactions up 25% on the 661 recorded in 2016 and up fivefold from the 160 trough in Dublin continues to account for the lion s share of these transactions at 709, or 80% of the national total. The number of transaction above 1m rose by 25% in Dublin compared to the 568 in However, other areas are also seeing growth in the 1m+ price bracket. Cork saw 38 transactions above 1m, up 38% on Similarly, Galway saw 17 transactions, up 42%. In the north of Dublin city, the number of 1m+ transactions rose by 54% to 103 in 2017 this included strong gains in the Dublin 3 area (mainly in Clontarf) and also in Dublin 13, including Castleknock. Malahide led strong growth in the number of 1m+ transactions in North County Dublin, up 58% on However, the south of the city continues to account for the bulk (80%) of the 1m+ transactions. These rose especially sharply in Dublin 6, by 33% to 136, now exceeding Dublin 4, down 10% to 127. Along the gold coast stretching from Booterstown to Killiney, the Dun Laoghaire/Glenageary area saw the strongest growth in 1m+ transactions, up by 43% to 53. Inevitably, the 1m+ price bracket contains many high profile transactions. The most expensive housing transaction in Dublin in 2017 was the 9.5m paid for Gorse Hill, Killliney, in July. Media reports suggest that the previous occupiers have traded down, Source: Property Price Register MyHome.ie Property Report: Q

9 Source: Property Price Register purchasing Laragh House, Killiney, in September for 1.85m. Outside Dublin, the most expensive house was sold in Blackrock in Cork for 4.1m. Dalkey and Killiney also saw a 33% rise in 1m+ transactions to 56. Clearly, activity at the very top end of the market shows little sign of slowing down. Given that there are currently 506 properties with an asking price exceeding 1m listed for sale on MyHome.ie, further growth in 1m+ transactions seems likely in Homebuilding activity now clearly gearing up Assessing the level of homebuilding is still complicated by the lack of a reliable official measure. However, the range of indicators suggests activity is clearly gearing up, with more new homes to be sold in HomeBond registrations, a measure of housing starts, were up 68% in 2017 to 9,466. Building Energy Certificates (BER) on homes constructed equalled 10,900, up 31% on The pick-up in homebuilding is also evident in the number of new developments now listed on the MyHome website. At end-q1 2018, there were 423 new development schemes advertised on MyHome. ie up 24% from 342 in mid Dublin and the commuter belt counties, including Louth, account for two-thirds of these schemes and Cork 15%. However, there has been a marked increase in developments in other counties listed for sale on MyHome.ie up from 73 last year to 100 in March Housing supply will also be helped by new minimum design standards on apartments announced by the Minister for Housing in December. The key changes include: the elimination of requirements for car parking spaces in city centres and in locations close to public transport, a reduced 33% minimum for dual aspect units and an increase in the number of apartments per lift core from 8 units to 12. MyHome.ie Property Report: Q

10 Indicators of construction activity Table yoy % ESB Electricity supply grid connections 14,932 19,271 29% Commencements 13,234 17,572 33% Home bond registrations 5,626 9,466 68% Planning permissions, units 16,375 20,776 27% Stamp duty returns, new homes Filings 7,237 10,283 42% Executions 7,657 9,122 19% Property Price Register New home sales 6,802 9,254 36% SEAI Building Certificates 8,318 10,911 31% Source: Central Statistics Office Source: MyHome.ie Affordability to hold back price inflation in Dublin In 2017, the median house price-to-income ratio for first-time buyers rose to 3.7x its highest level since the Banking & Payments Federation Ireland series began in However, Figure 10 illustrates that outside Dublin and the commuter belt, house price-to-income ratios are still lower than at the beginning of Only in Dublin and the commuter belt is leverage on mortgage lending now higher than six years ago. Looking ahead to 2018, the tightening of the mortgage lending rules should act as a brake on the process of rising leverage in the capital. The new MyHome.ie Property Report: Q

11 Affordability by region Table 4 Dublin Commuter belt Other major cities National First-time buyers Deposit Incomes Price Loan-to-income 50,888 79, , ,500 68, , ,750 62, , ,500 67, , Mover-purchasers Deposit Incomes 140, ,081 82, ,005 76,000 90,004 90, ,028 Price 485, , ,095 Loan-to-income Source: Banking & Payments Federation Ireland rules state that only 20% of new loans to first-time buyers are allowed to have a loan-to-income (LTI) ratio exceeding 3.5x income. In H1 2017, 24% of new loans did so of which two-thirds were in Dublin. In 2018, therefore, the rules should curb house price inflation in Dublin but are likely to have little impact in the rest of Ireland, where LTI ratios are 3x income or below. Source: Banking & Payments Federation Ireland MyHome.ie Property Report: Q

12 Property Price Register analysis The Property Price Register indicates that there were 54,171 residential transactions recorded in 2017, worth 14.8bn. This represents 9% growth in volume, 19% in nominal terms, on The early signs are that the improvement in housing market liquidity has continued into early There were 54,171 residential transactions in 2017 worth 14.8bn, up 9% in volume and 19% in nominal terms on Banking & Payments Federation data show there were 29,395 mortgages for house purchase in 2017, up 18% on This means the number of cash buyers was broadly flat in 2017 at 24,776. Of these, CSO data show non-household buyers, e.g. REITS, purchased 8,458 properties up 11% on the year. Property Price Register data show that there were 6,657 properties sold in the first two months of This already exceeds last year s total despite the fact that the register is not yet complete. We estimate that transaction volumes were up 11.5% in January and February compared with MyHome.ie Property Report: Q

13 MyHome.ie Property Report: Q

14 THREE - BED SEMI-DETACHED ASKING PRICES Davy Davy + Scope of business (Side) asse t management c apital marke ts corpor ate finance private clients rese arch COUNTY ANALYSIS Median asking price Q % change Q l Annual % change Colour variations Source: MyHome.ie MyHome.ie Property Report: Q

15 DUBLIN ANALYSIS The sharpest acceleration in Irish house price inflation in 2017 occurred in Dublin. Dublin RPPI inflation stood at 12.1% in January 2018, up from 5.7% 12 months ago. This pick-up was broad-based. In January, house price inflation was 13% in Dublin City, 9% in Dun Laoghaire-Rathdown, 14% in Fingal and 11% in South Dublin. The MyHome asking price data for Q suggest that the pace of house price inflation in the capital is now slowing. Asking prices rose by 3.3% on the quarter after a 0.4% decline in Q4. This is consistent with the usual seasonal pattern where prices bounce back in the spring. However, as the rise in 2018 was smaller than last year, annual asking price inflation for Dublin has slowed to 8.5%. The asking price data also suggest that affordability is becoming an issue in more expensive areas. In Dublin South city, the median asking price was flat on the year at 275,000. In contrast, the median price in Dublin North city was up 12.8% on the year to 225,000. In Dublin West, prices were up 4.3% to 240,000 and 5.6% in Dublin North to 285,000. In Dublin South, prices rose by just 2.9% to 350,000. Davy Davy + Scope of business (Side) asse t management c apital marke ts DUBLIN REGION Median price Q rese arch corpor ate finance private clients % Change Q Colour variations Source: MyHome.ie MyHome.ie Property Report: Q

16 REGIONAL ANALYSIS The median asking price nationally in Q was 230,000, up 5.5% on the year split between a 3.6% rise in Dublin to 290,000 and an 8.3% increase in the rest of Ireland to 195,000. In the commuter belt counties, Wicklow saw the sharpest gain (up 5.1% to 310,000) followed by Meath (up 4.3% to 240,000) and Kildare (flat also at 240,000). Leinster Several counties are seeing strong double-digit increases in asking prices. These include Carlow, up 20% to 180,000, Laois, up 10% to 165,000, and Offaly, up 13% to 170,000. Similarly, Westmeath saw a 12.7% rise to 169,000. More expensive counties have seen more sedate gain. Prices rose by 5.6% in Kilkenny to 190,000 and by 5.3% in Louth to 200,000. Wexford saw a 5.7% increase to 169,000. Prices in Longford have lagged behind, up 1% on the year to 100,000. Munster The median price in Cork was up 6.4% on last year, now standing at 230,000. Similarly, prices in Cork city were up 4.3% to 245,000 at the median. However, asking price inflation has been more modest in other parts of Munster. Prices in Clare increased by 2.9% to 175,000, by 2.9% in Kerry to 175,000 and by 3.3% in Tipperary to 155,000. In Limerick, the median price was 160,000 up 3.2% on the year and 155,000 in Limerick city up 3.3%. In Waterford, price inflation was just 1.8%, with the median price now 168,000 and 120,000 in Waterford city. Connacht/Ulster Galway city has seen an especially sharp increase in asking prices, up 11% on the year to 250,000 at the median. Across Galway county, the median price was 220,000 up 10.6% on the year. In contrast, Leitrim prices were broadly flat at 110,000 and were up just 2.7% in Mayo to 150,000. However, Roscommon prices were up 9% on the year to 120,000. In Sligo, prices were flat at 140,000. In Ulster, Cavan prices were flat at 150,000 and also in Donegal at 130,000 However, Monaghan saw a 2% increase in the median price on the year to 150,000. MyHome.ie Property Report: Q

17 REGIONAL ANALYSIS Davy Davy + Scope of business (Side) asse t management c apital REGIONmarke ts Median price Q corpor ate finance private clients rese arch % change Q Colour variations Source: MyHome.ie MyHome.ie Property Report: Q

18 County analysis: two-bedroom apartments Apartment prices are now beginning to increase faster than other residential property types. The median asking price for two-bedroom apartments across Ireland rose by 11% on the year to 200,000. In Dublin, asking prices increased by 6.5% to 245,000, by 14% in Kildare to 170,000, by 17% in Meath to 152,500 and by 8% in Wicklow to 237,000. However, asking price inflation for two-bedroom apartments is now in positive double-digit territory in 15 of the 26 counties. The sharpest increases have been in Clare (+29%), Laois (+27%), Westmeath (+27%), Galway (+26%) and Tipperary (+22%). Ireland s housing recovery is now not only spreading regionally but also into cheaper apartments. Two - bed apartments asking prices County Carlow Cavan Clare Cork Donegal Galway Kerry Kildare Kilkenny Laois Leitrim Limerick Longford Louth Mayo Meath Monaghan Offaly Roscommon Sligo Tipperary Waterford Westmeath Wexford Wicklow Dublin MyHome.ie Property Report: Q Q ,000 77,450 90, ,000 45, , , , ,000 95,000 62,500 85,000 61, , , ,500 85,000 75,000 49,000 70,000 67,250 75, , , , ,000 Quarterly change 12.25% 12.50% 12.90% 8.41% 3.00% % 7.46% 21.05% 5.17% 6.25% 7.60% 8.70% 14.29% 28.50% 3.27% 2.08% Table 5 Annual change % 15.60% 28.57% 16.67% 25.90% % 14.06% 8.70% 26.67% % 13.95% 15.00% 17.31% 13.33% 27.12% -1.01% 7.69% 22.27% 15.38% 26.58% 11.74% 7.73% 6.52% Source: MyHome.ie

19 County analysis: four-bedroom, semi-detached Price inflation for four-bedroom, semi-detached houses was positive in 15 counties in Q The strongest increases were in Kerry, up 28% to 187,000. Double-digit inflation has occurred in nine other counties. These include Carlow (+12%), Clare (+13%), Kilkenny (+16%), Monaghan (+15%) and Westmeath (+13%). However, in more expensive counties, prices have even fallen back slightly. Prices in Dublin fell by 1.2% on the year to 420,000 and by 1.3% in Wicklow to 375,000. Prices were broadly flat in Kildare at 278,000, while Meath saw a solid 4.2% rise to 260,000. Four - bed semi-detached asking prices County Carlow Cavan Clare Cork Donegal Galway Kerry Kildare Kilkenny Laois Leitrim Limerick Longford Louth Mayo Meath Monaghan Offaly Roscommon Sligo Tipperary Waterford Westmeath Wexford Wicklow Dublin Source: MyHome.ie Q , , , , , , , , , ,000 97, , , , , , , , , , , , , , , ,000 Quarterly change 2.39% 2.86% 1.82% 1.20% 3.54% % 3.19% 25.81% -7.58% 8.97% 1.08% 1.45% 4.21% 7.95% 0.03% -2.69% 8.36% 2.29% Table 6 Annual change 14.11% 9.13% 12.89% % 4.21% 19.30% 0.92% 9.30% -7.19% -5.84% -1.02% 14.32% 6.90% -3.34% 1.84% 8.31% 4.32% 18.34% 5.03% 8.66% 2.78% 6.80% 11.46% 4.17% -1.18% MyHome.ie Property Report: Q

20 ABOUT THE REPORT Graham Neary, CFA, Dublin Graham is an independent financial analyst who specialises in investment consulting services. He previously managed portfolios for an international mutual organisation in London with over 14 billion in assets under management and one million members across Canada, the US and the UK. He has eight years of financial marketplace experience, holds a degree in mathematics from Trinity College Dublin, and is a CFA Charterholder (Chartered Financial Analyst). MyHome.ie Property Report: The Method The trends presented in this report are based on actual asking prices of properties advertised on MyHome.ie with comparisons by quarter over the last eight years. This represents the majority of properties for sale in Ireland from leading estate agents nationwide. The series in this report have been produced using a combination of statistical techniques. Our data is collected from quarterly snapshots of active, available properties on MyHome.ie. Our main indices have been constructed with a widely-used regression technique which adjusts for change in the mixture of properties for sale in each quarter. Since the supply of property in each quarter has a different combination of types, sizes and locations, the real trends in property prices are easily obscured. Our method is designed to reflect price change independent of this variation in mix. For detailed statistics at a local level, we also provide a wide selection of median asking prices broken down by county or by urban location. For analysis of the Property Price Register prices were adjusted upwards to account for VAT where necessary, and only full market value prices were used. No silver bullet for Ireland s housing crisis. MyHome.ie Property Report: Q

21 RAW DATA Q Q RAW DATA Q Q Table 7 INDICES National Dublin New 2nd Hand Q Q Q Q Q Q Q Q Q Q Q Q % Change National Dublin New 2nd Hand Q % -0.06% 1.43% -0.73% Q % -1.36% -0.88% -0.12% Q % -2.01% -1.83% -1.48% Q % -4.37% -2.66% -3.00% Q % -2.33% -0.61% -1.59% Q % -4.11% -3.74% -3.45% Q % -4.52% -4.27% -3.31% Q % -3.39% -3.44% -3.16% Q % -5.22% -0.58% -4.27% Q Q % -3.23% -2.76% -4.72% -0.91% -1.21% -2.47% -3.16% Q % -1.64% -3.22% -2.83% Standard Price National Dublin New 2nd Hand Q , , , ,002 Q , , , ,468 Q , , , ,545 Q , , , ,139 Q , , , ,343 Q , , , ,019 Q , , , ,657 Q , , , ,429 Q , , , ,893 Q Q , , , , , , , ,214 Q , , , ,806 RAW DATA Q Q Table 8 INDICES National Dublin New 2nd Hand Q Q Q Q Q Q Q Q Q Q Q % Change National Dublin New 2nd Hand Q % 0.98% -2.43% -1.76% Q % 0.55% -2.58% -0.82% Q % 4.45% -2.25% 1.60% Q % 2.19% 0.10% 0.66% Q % 2.31% 1.65% 1.80% Q % -1.48% -0.08% Q % 2.03% 4.91% 2.47% Q % 0.51% 0.89% 0.04% Q % 3.18% 5.04% 2.79% Q % -0.36% 4.30% -0.06% Q % 1.83% 1.00% 1.77% Standard Price National Dublin New 2nd Hand Q , , , ,058 Q , , , ,071 Q , , , ,878 Q , , , ,543 Q , , , ,581 Q , , , ,639 Q , , , ,527 Q , , , ,379 Q , , , ,034 Q , , , ,513 Q , , , ,621 MyHome.ie Property Property Report: Report: Q1 Q

22 Q1 Highlights MyHome.ie Property Report: Q

23 ABOUT THE DAVY GROUP Established in 1926, the Davy Group is Ireland s leading provider of wealth management, asset management, capital markets, and financial advisory services. Davy is headquartered in Dublin, with offices in London, Belfast, Cork and Galway. Employing over 700 people, Davy offers a broad range of services to private clients, small businesses, corporations and institutional investors, and organise its activities around four interrelated business areas Wealth and Asset Management, Capital Markets, Corporate Finance and Research. Davy s Wealth and Asset Management business manages over 14billion on behalf of Irish and international clients*. Davy is Ireland s leading wealth manager providing a financial planning led private client service backed up by global investment portfolios driven by a proprietary investment process. As the leading broker in the Irish market, we accounted for over 38.6%** of all dealings in Irish equities on the Irish Stock Exchange in Davy is a primary dealer in Irish Government Bonds and acts as arranger on most Irish corporate bond issues. We advise 67%** of companies on the Irish Stock Exchange, including 8 of Ireland s top 10 listed companies*. We are Ireland s leading ESM and AIM adviser, representing approximately 73% of companies quoted on the ESM market**, and 17 companies quoted on the AIM market of the London Stock Exchange***. Davy is responsible for over 82.5% of funds raised on the Irish Stock Exchange over the past four years and has been consistently recognised by the world s top names in financial services for the quality of research and service. * Data correct as of January 2018 ** Source: Irish Stock Exchange *** Source: London Stock Exchange asset management capital markets corporate finance private clients research MyHome.ie Property Report: Q

24 Find your new home on MyHome Your search for a new home is easy on MyHome. Our Open Viewings feature helps you plan your house viewing weekends. Try it out today and take a step closer to your new home.