Property costing “scarcely more than the cost of a packet of cigarettes per day”

So says Frank Conway, director of the Irish Mortgage Corporation in today’s Examiner when talking about the cost of funding “some substantially reduced properties being launched onto the market” in recent weeks. Elsewhere in the article research undertaken by Myhome.ie shows that two thirds of first time buyers intend buying in the next 12 months – that’s the same proportion as intended buying in the next 12 months last September 2009. A consequence of the tumble in property prices is that banks are phasing out 40-year mortgages. Hopefully the latest Permanent TSB/ESRI house price index due out shortly will throw some more light on settled prices.