The Economic and Social Research Institute (ESRI) has reported that overvaluation in the housing market is currently between 8% and 10%, posing significant risks.
First-time buyers are facing mortgage costs that are nearing alarming levels, reminiscent of the peak seen during the Celtic Tiger. This trend raises concerns about housing affordability.
According to the ESRI, the rapid increase in house prices has pushed up the ratio of mortgage repayment to income, which has escalated sharply in recent years.
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