House prices in 16 countries have risen more than fundamental factors would support over the past decade, with Ireland easily atop that list, the International Monetary Fund (IMF) said today.

The difference between the price gains and fundamental factors, which IMF researchers called the "house price gap", gives an indication of the potential for prices to correct.

Ireland had far and away the biggest house price gap at about 30 per cent, following by Britain, Australia, Norway, France, Sweden and Spain.

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