Ireland’s largest house builder Cairn Homes said it delivered a record 1,526 new home sales last year as soaring demand for housing continues.

In the company’s results for 2022, published today, Cairn said revenue was €617.4m, up 46pc from 2021 on the back of the sale of these 1,526 homes.

The impact of build cost inflation added €20,000 per new home built, up €5,000 from 2021.

While inflation moderated somewhat in the second half of the year, the average selling price for starter homes in 2022 stood at €366,000, excluding VAT.

In 2021, the average selling price was €350,000.

Gross margin was up 21.7pc, up 1.9pc from the prior year. Cairn also recorded an operating profit of €103m, up 76pc from 2021.

Operating cashflow declined to €125.9m from €131.9m last year.

“Given the social, economic and political primacy of resolving the housing shortage in Ireland, it is reassuring that Cairn has delivered a record 1,526 new home sales in 2022 and we will back that up with an even bigger delivery this year for private buyers and for a broadening number of State partners,” said chief executive Michael Stanley.

He also pointed to the “damaging” undersupply of apartments near areas of high employment.

In January, Mr Stanley said that viability and funding of apartments remain challenging, with Government support needed to address this ongoing issue.

Cairn has recorded strong demand across all sales markets for new homes, with 1,500 homes already agreed for sale.

The company also has a “record” forward order book into this year, with four new homes per active selling site sold weekly in 2022.

Cairn has an upbeat forecast for 2023, expecting turnover of more than €650m from 1,800 closed new homes sales, all of which already have planning permission.

The company also unveiled plans for a €40m share buyback programme.