Property dilemma - House prices prediction is a real worry

TODAY’S prediction that house prices will fall by 50% in the next decade will cause anyone with a mortgage to shudder but the reality is that we should all shudder.

Despite the Taoiseach’s weekend reprimand directed at those he condemned as “merchants of doom” and “nay-sayers” the figures are stark and when you consider the actuality that house building activity accounts for 15% of our national income they become startling.

Simply put that means that three out of every 20 teachers, nurses, guards or any other public sector employee you care to offer benchmarking to is paid for by revenues generated through the building sector.