Life in the property market spells good news

The collapse in all aspects of the housing market since 2007 has really been the big story of the Irish economic crash.

The Irish economy had become so hopelessly over-dependent on housing activity that its crash had devastating impacts that are still being felt in many aspects of Irish business and social life. Policy makers are still struggling to cope with the fallout.

The collapse in the market led to massive job losses in the construction sector, in the retail sector and in all aspects of the mortgage business; the banks were effectively brought to their knees; the public finances were devastated; massive personal wealth was destroyed and, of course, thousands of homeowners were pushed into negative equity. I could go on, but the message is clear and very stark.