Saturday 20 July 2019

Irish house prices flatlining 'good news' – Philip Lane in Bloomberg interview

Central Bank Governor Philip Lane. Photo: Stephen Collins/Collins Photos
Central Bank Governor Philip Lane. Photo: Stephen Collins/Collins Photos
Ellie Donnelly

Ellie Donnelly

Governor of the Central Bank Philip Lane has said that Irish house prices flatlining is "good news".

In an interview with Bloomberg TV Governor Lane said that the supply of houses in the Irish market was increasing.

However, Governor Lane also said that affordability is still an issue, as rents continue to rise.

His comments come as the ERSI earlier this week warned that there is no end in sight to the housing misery that is leaving thousands of families struggling with spiralling rents or unable to afford homes.

The ERSI, a leading think-tank, on Wednesday warned that housing costs currently pose a significant challenge to domestic competitiveness for Ireland.

Supply is still well below demand and falling unemployment, wage growth and inward migration are all set to drive prices higher, it said.

Governor Lane went on the tell Bloomberg that he stands "ready to serve" on the European Central Bank’s executive board when vacancies come up next year.

"If the Eurogroup, the European Council looks in my direction, of course I’m interested," he said.

"But equally, there are many strong candidates out there.".

(Additional reporting from Bloomberg)

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