Houses prices in Ireland are not currently overvalued despite quite strong rises in the market,the head of financial stability at the Irish central bank said.
House prices climbed 10.5 % in the year to the end ofApril, their highest annual growth rate in almost two years,amid a severe shortage of supply. They remain 31 percent belowthe peak hit a decade ago at the height of the property bubble.
"One method we look at is the level of houses pricescompared to where we think they should be at this stage. Thework we have published that we will be updating suggests thathouse prices are not currently overvalued, albeit that pricerises are quite strong," Mark Cassidy told a news conference.
