Housing Market for Sale: May Need Some Refurbishment.

Three years ago, like everyone else, I was having debates, nay, arguments with people on forums and pubs everywhere. The house market crash; would it, won’t it?

I was simply dumbstruck by the way so many people I’d figured as intelligent had taken leave of their senses and believed that the house price bubble was sustainable; that prices would continue to escalate at ever-crazy rates. At worst, the rate would slow, it might even level out for a while before reverting to a more sensible rate of appreciation.

Really! That’s what I was told. When I suggested a recalibration was coming, perhaps by as much as 20%, I was told where was my jacket and that my taxi was outside.

‘But look what happened in Japan!’ I’d counter.

And what argument was made that our market was different to any others?

‘Here, have another pint and a wee chaser, it’ll be alright in the morning.’

Figures released at the beginning of the year show that Irish property prices have fallen 30% in three years and they're still falling...

Now, this really isn’t a ‘told you so’. I don’t think this is good now, as I don’t think it was good then, but not one person has put their hand up and said: ‘Deary me, I didn’t see that coming.’

Nowadays, housing market debates are less likely to take place in the pub and more likely to be in the out-of-date section of your local supermarket, squabbling over the last packet of half-price unbranded bacon. Mention the bursting of the bubble and the response you’re likely to get is a taut: ‘Yeah, you can say that now it's happened.’

Well, you know what? I said it back then too.