Despite portents of doom the great housing crash failed to materialise

The Irish property market performed well during the last 12 months. House supply rose to record levels with 65,000 units coming on stream. And despite prices hitting record highs, record numbers of people still managed to buy.

THEY said it wouldn't happen, it wasn't supposed to but it did the Irish residential market once more picked up its skirts and ran, picking up pace with a 12-15% price inflation across the board during the year.

It was the year everything was supposed to slow, if not crash, if one was to believe the prophets of doom, looking to a glum backdrop of war in Iraq, jobs losses and the drying up of US overseas investment.