Sir, - Thomas A. Dunne (Property, October 30th) is wrong to portray rising house prices as a mere "sore tooth for the Celtic Tiger".
Runaway house price inflation (for which read escalating speculation in land values) is the fatal cancer which is hideously eating out the vitality of the Irish body politic.
The Irish economy stands today precisely at that point occupied by the British economy in 1988, just after the Black Monday of October 19th, 1987, and just before the catastrophic March Budget of Nigel Lawson which doomed Britain to almost a decade of depression.
The only solution to escalating house prices is the immediate and total implementation (in Mr McCreevy's December Budget) of full site value rating for land, at full market value, on all land. - Yours, etc.,
Barna Road, Galway.