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The overall average increase in property prices for 2021 was just short of 12pc, with great variations across the country, according to the latest Residential Property Price Barometer by IPAV, the Institute of Professional Auctioneers & Valuers, which captures house prices actually achieved by auctioneers for three- and four-bedroom semi-detached homes and two-bedroom apartments.

Inflation figures released by the Central Statistics Office yesterday reveal that Irish inflation hit a record high. Prices on average, as measured by the Consumer Price Index (CPI), were 5.5 percent higher in December compared with December 2020. This is the largest annual change in prices since June 2001 when annual inflation was 5.3 percent. This increase in Irish inflation is mirrored in the euro area. The Harmonised Index of Consumer Prices (HICP) – the European Central Bank’s (ECB) preferred measurement of inflation - stood at 5 percent in December 2021 according to Eurostat’s flash estimate, which was the highest level recorded since the euro was introduced in 1999.

Commenting on the most recent Central Bank Retail Interest Rates publication for April, Brokers Ireland said with the second highest rate in the eurozone, after Greece, Irish mortgages holders are paying over €83,000 more than their euro area counterparts on a €300,000 mortgage over 30 years. (see chart below).

Euthanasia Bill should be rejected

Experts at MyMortgages.ie say market developments are signalling an impending explosion in the fixed rate mortgage market in Ireland. KBC is the latest to slash its rates to five year fixed rate to 2.8 percent with Ulster Bank offering a 2.3 percent two year fixed rate and a 3.25 percent fixed rate for seven years. PTSB have also recently dropped its fixed rates to 3.7 percent for existing customers. According to the mortgage brokers, these cuts signal real savings for mortgage holders.

Responding to the recent Banking and Payments Federation Ireland mortgage drawdowns for the second quarter of 2018, Brokers Ireland have stated that the standout figure is a 95.5 percent year-on-year increase in the volume of re-mortgaging/switching, indicating that Irish consumers are getting the message there is value to be had in switching.

Insider thought she lived on an island called Ireland and in a state called the Republic of Ireland. However, Insider recently realised she is wrong. According to The Marian Finucane Show, His Excellency John Bruton, and sundry officially sanctioned happenings - from Enda Kenny's Brexit gas-passing shop to events celebrating Irish classical composers - Insider now realises she in fact lives on an island called Island.

Before the 'Send' icon was clicked, someone should have asked Labour Galway West TD Derek Nolan if he wanted one final look over his press release welcoming Budget 2016, because concluding this happy statement, entitled Family-Friendly Budget Ensures Right People Benefit From Recovery, is one hell of a howler.