Reports that house prices are falling are incorrect, according to Irish Nationwide managing director Mr Michael Fingleton. Speaking at the 10th anniversary of its Galway branch, Mr Fingleton said new house prices in Dublin will increase by 10 to 15 per cent this year while second-hand house prices will rise by up to 20 per cent. Nationally prices will rise to a lesser extent.

"It will be well into the year 2000 before we see price stability emerging in the housing market as greater supplies of new houses come on stream."