House market warning - Buyers turn deaf ear to Central Bank

THERE is a distinct sense of the little boy who cried wolf about the oft-repeated Central Bank warning on the danger of the bottom falling out of the Irish housing market.

Echoing the moral of that traditional tale, borrowers persist in turning a deaf ear to gloomy message from the country’s watchdog bank about the risk that home owners could find themselves in a negative equity situation.

In its 2005 annual report, the Central Bank gives the toughest warning yet that there could be trouble ahead.