In his own case he tells us that an older banking colleague had given him similar advice back in 1995 when he too was considering the purchase his first home.
This resulted in him delaying his purchase for two years. He goes on to say that “Without doubt he gave me one of the best pieces of advice I have ever received”, given that house price inflation in Ireland between 1995 and 1997 was running close to 50%.
I’m not so sure why the author is so pleased with the advice received. To me it appears that the advice may have cost him half a house.