OP Bank Group View In 2004 ...

"Although housing prices rose on average by 5.5 per cent in 2004, they remained moderate compared with consumers’ income and debt. There were signs of a tapering off in housing price development, especially in the Greater Helsinki area, but in many other growth centres prices appeared to be still on the rise."

"Because the low level of interest rates seems likely to hold steady in 2005, no significant change in the housing market is expected. The prevailing view, however, is that housing price development will taper off (less active or contract) in 2005."

So should we roll back all the gain (less inflation) that we got from 2005? It should be noted that in 2004-2005, Interest rates were at record low, so the debt burden was low compared to today as rate climbed 100% from that period.

source: OP