Housebuilder Abbey has today reported improving sales in Ireland and some revival of market confidence.
In a statement carrying remarks to shareholders at the company's AGM, chairman Charles Gallagher said that the London- and Dublin-based firm's excess inventory is gradually being cleared amid steady trading in the first few month of the year.
"In Ireland sales have been improving of late as some confidence returns to the market. In some locations we may soon sell out and we are keen to find further outlets particularly in the Dublin area," he said.
Mr Gallagher said that in southern England "good levels of business" had been achieved over recent weeks, adding the group was on course for a satisfactory outcome this year on current trends.
Mr Gallagher said the homebuilder is looking at buying sites in the UK, where there are signs of a recovery in the housing
"We've got terms agreed on a couple of things and we are looking very actively there to restock. The property market is fragile, but it is all moving in the right direction."
The company does not expect to have further writedowns in the UK, although there is a risk of "modest" writedowns in Ireland, he said. The company is "very liquid," Mr Gallagher added.
Last July, the group reported it lost €54.4 million in the 12 months ended April 30th, 2008, compared with a profit of €16.8 million during the previous 12 months.
At the time, Abbey had sold three-bedroomed houses in Ireland for as little as €135,000.