Irish house prices are overvalued by up to 10 per cent, the Economic and Social Research Institute (ESRI) has warned, adding that an increasing number of households are carrying “elevated” levels of mortgage debt.
The overarching message from the think tank is “the larger the degree of overvaluation the greater the risk of significant correction”. So are we heading for 2008 territory when the property market imploded causing severe financial stress to hundreds of thousands of homeowners?
On a wider level it also raises question marks around the capability of certain cohorts of the population to own homes, the ESRI said in its report.
Economics correspondent Eoin Burke-Kennedy explains why this is happening and why it matters.
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