Professor Philip Lane:

Prices are a contest. On one level, the economy is growing. There are more people in employment and wages are starting to pick up. In some sectors, they are picking up quite a bit. That probably affects some districts more than others but there is momentum there. We do think our rules are biting and, at least in Dublin, there is a clear effect. I emphasise that there are still plenty of non-mortgage transactions going on, especially in lower price segments. The price growth is disproportionately out of Dublin because there is more room for expansion in some of the lower-priced regions. There is one experience in Dublin, which is hitting the limits, but that is the experience throughout the whole country.