Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

There are no assumptions. The price of an average house in this country is based upon the average wage by a certain multiplication. Since 2009, the Central Bank has given direct guidelines to Bank of Ireland and other banks as to what are lending practices. If one takes the average house in the country, applies the average industrial wage and multiplies that by three or four because one must allow for an LTV of 90%, my observation would be that we are at proper house price values, not at an undervalued market.