Sir, - Having endured dinner party conversation on Dublin's "soaring" house prices for a couple of years, must I now appear surprised when the conversation turns to negative equity? I heard the same stories years ago in London.
Of course it could never happen here, as we have been told:
-Interest rates will be 3 per cent.
-The ISEQ will finish the year at 6000.
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-The multinationals will always be here to give us jobs.
-Santa Claus is coming to town.
The first-time buyer who spends five times his annual income on his home should be reminded that historically the ratio has been around three to 1; and he should not forget to hang out a sock. - Yours, etc., John Daly,
Terenure Road East,
Rathgar,
Dublin 6.