Professor Philip Lane:

The Central Bank does not forecast house prices, although we survey different types of real estate professionals on their expectations over a three-year period. We find that they expect an increase in house prices of approximately 15% over three years. It is not the case, therefore, that they are expecting double-digit growth in house prices every year. Many in the industry expect a single-digit increase this year. It is not an accelerating market and we are beginning to see the Central Bank's rules bite more severely. I do not expect double-digit growth every year.