David McWilliams: Don't get too over-excited by the return of property pornography
THE property pornographers have been giddy this week over news that property prices have been rising. Reported sightings of a new breed of foreign property speculator in fancy Dublin restaurants, clinking flutes of champers over mega deals, have sent property hype merchants into a dizzy tizzy.
Will house prices now begin the long ascent to the lofty heights of 2006/7? Will bricks and mortar dramatically inflate some people's wealth again? And for the average person in negative equity, will future price rises claw back some of the "wealth" that has been destroyed?
These are serious questions. Where are property prices likely to go in the future? With all the glossy sales pitches and significant powerful interests – from the banks to the taxman – willing property prices to rise again, it's not surprising that a number of myths have emerged about how and where property prices can go.