Sean Barrett (Independent)

I note the report by the Central Bank today which maintains that house prices in Ireland have over-corrected, having decreased by between 12% and 26%, which is interesting research. However, at least three people on the opposite side of the argument, Mr. Derek Braun, Mr. Ronan Lyons and Mr. David McWilliams, say that house prices in Ireland remain too high. It is important that we do not enter another property bubble. Low house prices are an ingredient of a recovery in the Irish economy when house prices as a percentage of average wages go into decline. While I appreciate the Central Bank research, we should not be cheerleading ourselves into another property bubble.

I take this opportunity to thank the Minister for Transport, Tourism and Sport, Deputy Varadkar, for the return of the Fry Model Railway to its Malahide venue.