Mr. Patrick Davitt:

I am not saying there is a property bubble coming down the line. I actually am saying the opposite, which is that when supply of the property that currently is available has all gone, people must then adjust to a situation of reality, in which builders must build properties at a price at which they can afford to build them. If I sell a three-bedroom semi-detached property today in Roscommon for instance and I get €80,000 for it but if a builder down the road cannot build a house for less than €120,000, the next house to be sold after the last house is sold at €80,000 will be priced at €120,000. This is not a property bubble but is a property price that is matched to the price for which the builders actually are building the properties. While people talk about property bubble in Dublin, it is not a property bubble but is a property spike. This property spike exists obviously because of supply and demand and the money is available at present. I believe a property bubble will only come into place when it is all being done on finance.