Central Bank report - House prices warning can’t be ignored

WITH Irish people borrowing like mad, the Central Bank risks being portrayed as ‘crying wolf’ following yet another warning that the housing market is in danger of overheating.

Yet, it would be folly if homeowners and prospective buyers turn a deaf ear to the bank’s repeated warnings that the market could collapse. Though people are borrowed to the hilt, the bank says there has been little or no slowdown in the rate of personal credit growth.

And while Ireland’s economy is burgeoning, the body responsible for overseeing our financial wellbeing continues to counsel caution, unlike the major lending institutions which are throwing money at borrowers like confetti.