Sir, - Unlike most people, I, for one, am delighted at the prospect of a hike in mortgage interest, rates. Hopefully this will slow down the wholly unjustified rise in property prices in Dublin (indeed, throughout the entire country) and will bring prospective purchasers, at long last, to their senses.
With inflation at approximately two per cent a year, and annual wage increases not that far behind, it is wholly beyond me how house prices in the better parts of Dublin; can increase by IS per cent annually. Of course, the increases are not justified and it seems to me that a large number of purchasers (who only have themselves to blame) have, in effect, been ripped off.
Unfortunately, I have even more bad news for them. I have, just returned from a trip around Ireland, and there can be little doubt that the BSE scare is beginning to hit hard. We all know ho# important agriculture is to our economy (so important that for the first time ever Dail Eireann sat during the summer to pass the Goodman legislation). It will, cause severe problems in the months ahead, again increasing mortgage rates - as will the Northern situation, which looks more likely to explode by the day.
Finally, might I suggest that the property editors of all serious national newspapers engage in some serious objective criticism of the property market and the prices achieved, rather than sounding like mouth pieces for estate agents. Yes, I am looking forward to the hike and the end of this property lunacy. - Yours, etc.,
Pembroke Road,
Dublin 4.