We are still poring over the infamous paper published by the Institute on Friday, and hope to be back on air by mid week. Meanwhile, our chum Andrew Smith, the internationally renowned actuary now teaching at UCD, popped something in the post.
He is equally perplexed by the paper’s argument that since only 20% of the market is rented, therefore the rental yield on the market as a whole is a fifth of the yield on rented properties. ‘I can’t see any perspective from which this makes sense’. Quite.
Another of our friends was more blunt. ‘I hadn’t realised that the bank account that gives me 1% was actually only 0.001% because only 4000 people have that account’.
I am sure it will become clear in the end.