Economist editor warns of Irish property price crash

The economics editor of The Economist magazine has claimed that Irish house prices are seriously over-valued and could fall by up to one-fifth in the next five years.

Speaking at a debate on the property market in Dublin today, Pam Woodall said investors would suffer the most if such a scenario arose.

However, her views were rejected by the Government's Economic and Social Research Institute, which is predicting a healthy market in the coming years.

ESRI spokesman David Duffy said he expected house prices to continue growing, but at lower levels that those of previous years.