Dr. Kieran McQuinn:

That is the crucial point. Prices could moderate in those circumstances. However, there might be additional pressure on the rental side as a result. There could be a shift. As the Deputy stated, the demographics will still be such that there will be a demand for housing. It is just a question of whether people shift more to renting even though rent levels are where they are. It could lead to that because people will not be able to borrow the same amount of money as they were able to last year. People approaching a bank to ascertain the maximum amount they could borrow will find it is less now than it was 12 months ago. When that is spread across the economy, it has an impact on the prices. It could result in a shift towards the rental side, putting even more pressure on the rental side. If interest rates continue to rise consistently, it will have an adverse impact on demand. They are already having an adverse impact on demand I would say. If rates continue to go up, that will persist.