A new phenomenon in the property market involves three or more people clubbing together to buy a house, possibly as an alternative to renting.
Mr John Smyth, group managing director of the First National Building Society, said his company's experience was that three people together borrowed less than a single person or a couple. The multiple borrowers were buying cheaper homes, and their turnover might be faster, he commented.
Mr Smyth, addressing a national economic and business conference organised by Waterford Chamber of Commerce yesterday, also noted that the number of first-time buyers aged 24 to 34 had increased significantly in the last three years, and this would continue up to 2006.
He said the trade-up age group (35-49) was also increasing, and this was forecast to become the largest group by 2011. However, there appeared to be a bottleneck around the £150,000 house price level, at which a higher rate of stamp duty came in.
For this trade-up group, the property boom coupled with higher stamp duty had perhaps priced their next "step up" house out of their league, he said.
Similarly, a marked increase in home improvement loan applications had been noticed, as some of the trade-up group were opting to stay put, improve their homes or perhaps invest in a second property for rental or a holiday home. There was "an emerging investment ownership culture", said Mr Smyth, "and we would suspect that it is the potential first-time buyer who cannot afford to buy at the moment.
"However, rents in urban centres have been escalating and are now high by European standards, resulting in the first-time buyer being caught on all sides - can't afford a house and can't afford the rent."
Mr Smyth said First National's records showed that the price difference between an average three-bedroom house and an average four-bedroom house had widened from about £23,000 in 1996 to £29,000 in 1997.
The chief executive of Bord Bia, Mr Michael Duffy, predicted a period of rapid and extended change in the food industry.
"Retailers will be competing with restaurants for `share of stomach'," he said. "Everyone will try to sell you your next meal.
Consumers were buying less raw food and more cooked or nearly cooked meals. In the US, stores supplying this kind of product were calling themselves `groceraunts'.
Restaurants would be expected to provide not just a good meal, but "eatertainmen" such as was beginning to be seen in themed restaurants. The demand for convenience would extend to cleaning up after eating, and food manufacturers would have to present meals that were completely edible, or that came on a disposable plate.
With European society more time-pressured than ever, and more mobile, the next 10 years would be the decade of "time" for the food industry. "The 1970s were concerned with price, the 1980s with value and the 1990s are preoccupied by quality," he said. "As each of these conditions is fulfilled, consumers add to their expectations, and now `time' is a major factor."
Ireland's total food and drink output was £11 billion, less than half the turnover of the top European food retail chain, and Irish companies needed to keep abreast of the rapid changes in what was a globally competitive business.
Addressing the conference, the Minister for Finance, Mr McCreevy, stressed that the Government was intent on maintaining price stability and said next year's Budget priority would be continued low inflation.
He reiterated the Government's commitment to the introduction of a 12.5 per cent rate of corporation tax, but warned that measures would be required to fund the resulting revenue loss to the Exchequer.
"The extensive range of business reliefs" would be reviewed and slimmed down, "as will tax shelters favouring those on high incomes", he said.