Simon Coveney: No new property bubble

Housing Minister Simon Coveney has denied that Ireland is in the grip of a new “property bubble” despite concerns over rising house prices, and banks approving mortgage loans for twice the number of houses available on the market.

However, the minister accepted that there is a “mismatch” between housing demand and supply. He was critical of people who did not acknowledge reforms introduced by Government, especially those “wanting everything done yesterday”.

Reports yesterday suggested as many as 20,000 potential home buyers have local approval from banks, for mortgages amounting to almost €2bn in total.