Housing market – A property bubble is a danger to all

Parents are remortgaging their homes or borrowing on average between €15,000 and €20,000 to help their cash-strapped children buy a first house.

Around two thirds of first-time buyers are now relying on help from their parents to make an initial deposit on the purchase of their home. The deposit required is often as high as €30,000.

An economist with the Economic and Social Research Institute (ESRI) had warned that the economy is particularly exposed to the housing market because people are releasing equity from their homes and putting it into the housing market.