Mr. Karl Deeter:

I do not know if it was me but it might have been. I can assure the Deputy that I know a lot about underwriting. If he has queries on how the banks get around rules or how they take task with any of these things then those are all things I would be happy to tell him. I have been through the wild years where every single known trick was used and I have seen how things are now so know that what we have now is a lot better.

We are having this conversation but bringing in the cap in January is being talked about and, therefore, property prices are likely to slow next year. The huge jump in prices in October alone was largely down to a rapid level of closings being done before the capital gains tax exemption left the market. That issue had a huge impact on the sector. I have seen evidence on the ground where people have been outbid. There has been talk of preventing a wave of mortgage credit but over 50% of the market was cash which has a zero credit imperative. Some of things that we are being warned about are irrelevant. I want people to realise that we need more houses and built in a responsible manner. Our suggestion is to make affordability more restrictive than what is being done elsewhere.