15/RT/06 December 2006 Research Technical Paper Assessing the Role of Income and Interest Rates in Determining House Prices Kieran McQuinn Gerard O’Reilly * Central Bank and Financial Services Authority of Ireland P.O. Box 559, Dame Street Dublin 2 Ireland http://www.centralbank.ie * The views expressed in this paper are the personal responsibility of the authors. They are not held either by the CBFSAI or the ESCB. E-mail: kmcquinn@centralbank.ie & ger- ard.oreilly@centralbank.ie. The authors would like to thank Karl Whelan, Maurice McGuire and Maurice Roche for helpful comments. Any errors are the sole responsibility of the authors.