The days of frenetic house price growth have ended with supply and demand coming back in line reflecting changes in the market place, Anglo Irish chairman Sean FitzPatrick said yesterday, while speaking to business students at Waterford Institute of Technology.

However, he added that the home buyers of today appear to be more savvy and financially literate. Commenting on a recent survey of 500 first-time buyers, conducted by Amárach Consulting, Mr FitzPatrick acknowledged that today's generation shop around more than previous generations. "This (survey) found that this important group generally takes advantage of the competitive mortgage market with three-out-of-four shopping around."

He also noted that one of the most important factors for first time buyers in selecting a lender is the interest rate and not where the most money is on offer or where repayment costs appear lowest in early years.

Commenting on the economy in general, he said that the 6.25pc growth forecast is equivalent to an extra €5.8bn in spending next year.

"While this growth is down from a 10.25pc projection in the current year, it still represents very significant additional spending in our economy with particular sectors well placed to benefit, with many opportunities out there for cost efficient companies.

Speaking to business students at Waterford Institute of Technology, Mr FitzPatrick said that notwithstanding the economic doomsaysers, it is still a good time to embark in a career in Irish or international business.

"Those with respected and recognised postgraduate qualifications in various business disciplines will find many opportunities open to you."

However, Mr FitzPatrick did advise that caution be taken as you start off in the sometimes intimidating world of business. "When you enter your first professional employment, I would urge you to walk before you can run".

The former chief executive of Anglo Irish finished up on a lighter note with encouraging advice for the students. "Never feel you know all that you need to know; ask lots of questions".

He also noted the importance of networking and encouraged a high level of communication between employees and highlighted its importance in all business today. "Maintain contact with your peers as networking remains an important aspect of business life."