Would a fall in house prices be a good thing?

The asking price for a house in Ireland has risen by around four per cent in the past year. It's bad news for those who can't afford to buy their first home. And housing affordability and availability are serious issues for wider society. But there is a positive side for homeowners whose assets continues to increase in value.That dichotomy is at the heart of a debate that may play a major role in the next general election. Last month, Sinn Fein leader Mary Lou McDonald said the average price of a home in Dublin should be €300,000 - that's €130,000 lower than the average Dublin house price, as it stands. Such a fall in value would help many while making homeowners poorer on paper.Is it possible to reduce house prices by so much - and is it a good idea? Bernice Harrison talks to Irish Times columnist Cliff Taylor. Together they listen to some ideas about how to tackle the housing affordability issue from Lorcan Sirr, TU Dublin lecturer and housing policy analyst, and Conall Mac Coille, chief economist with Bank of Ireland. Hosted on Acast. See acast.com/privacy for more information.