Property prices ‘rooted in boom’ and restrict first time buyers opportunities

A long-time Fine Gael TD says he could not afford to buy a house if he was entering the property market for the first time due to strict Central Bank mortgage rules to prevent another crash.

Bernard Durkan, made the claim as the Oireachtas housing committee was told the cost of building a ‘starter’ home is less than half their market price.

Speaking on the same day it emerged that 3,777 people used emergency accommodation in Dublin since January 1, Mr Durkan said despite receiving an €87,000 salary “I wouldn’t be able to save for such a loan” to buy a good quality new home.