ESRI research shows house prices in Ireland are overvalued by up to 10%
The think tank says the amount of debt people must take on in order to buy a house is at unsustainable levels and is a cause for concern as the increases don't appear to be easing
In August house prices were 13.4% higher than the pre-financial crisis in April 2007
However speaking to RedFM News, mortgage broker Joey Sheehan of mymortgages.ie doesn't believe that we are at risk of a property crash
"I think the economy here is fundamentally strong. We have full employment, there's very prudent lending out there, with people only being able to borrow three and a half to four times their salary and everybody needs a 10% deposit. Whereas back in the old days, you could buy a property with no deposit, also with the lack of supply and we've got a higher population, so I wouldn't be taking these concerns too seriously"
