Most of the signals from the sale segment of Ireland’s housing market in the second half of 2022 pointed to a significant easing in price pressure, highly suggestive of a softening of demand. This was not at all unexpected. The invasion of Ukraine ended the post-Covid economic honeymoon of strong growth without much inflation. It is something of an open question as to whether inflation would have risen significantly anyway, even without the war, but it is certainly the case that war made the spike in prices more pronounced. With the return of inflation at a rate unseen in four…

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