Dermot O'Leary: Don't bet your house on rapid price rises slowing down any time soon
After the rapid house price growth in the lead-up to the 2007 peak and the sharp falls of recent years, one would be forgiven for preferring a period of rather boring movement in house prices, preferably in the range of 3pc to 5pc on an annual basis.
Such a rate of growth would be in line with the likely growth in incomes, and thus the market could be described as being in the midst of a sustainable recovery.
Most markets don't behave in this way. Ireland's property markets are especially prone to boom/bust episodes, both in the commercial and residential markets, although some comfort can be taken from the fact that these cycles are a recurring feature of almost all economies across history. In many of these cases, policymakers do learn from past mistakes, and take measures to avoid them being repeated.