There are many economic reasons to tax property, including household land or capital value. Taxing things that can’t easily move is easier than to tax those that do and, despite the collapse in the economy, household net worth in Ireland is still north of €500bn, the bulk of which is made up of the value of homes.

Holders of variable rate mortgages should brace themselves for an increase in the rate next year, according to the company Irish Mortgage Brokers.