Everyone Advised To Ignore Report Saying House Prices Overvalued By 10%, Everything Is Fine

AN ERSI report warned householders currently paying an average 33% of their net income on their mortgages are vulnerable to a ‘painful correction’ on house prices which are overvalued by as much as 10%.

“Only 10%?” said the Irish public staring at Daft.ie listings for ‘half collapsed shed in active war zone, D15’ valued at €550,000 which beg to differ.

Despite the alarming report, the Irish public has been urged to plough on regardless and ignore its contents as everything is fine.

“You’ll have the overwhelming urge to take a step back and assess your situation with logic but this would be wrong. You need to be obsessed with owning property, no matter the cost, no matter how shortsighted a purchase. Do it. NOW,” whispered the mangled demon soul of Ireland directly into the ears’ of first time buyers.

“Sadly, they’re not elevated enough. I was barely able to leverage my home to buy an apartment in Dublin to rent at extortionate levels; it’s the Irish dream,” shared one man, who thinks it’s a disgrace his kids can’t afford a house.

Meanwhile, the outgoing Minister for Housing has confirmed having combed through the report its content are clearly a hyperbolic fantasy and that everything is indeed fine.

“Oh I haven’t read a word. But from my understanding we can counteract further price inflation by doing things that increase prices like more subsidies for builders, tax breaks for landlords, increasing the help to buy scheme and upping the rent credit payment,” explained Darragh O’Brien, who admitted government formation talks were on the verge of collapse as Fianna Fáil and Fine Gael fight over who gets responsibility for increasing homeless figures.

UPDATE: The ERSI has raised its warning level to a ‘red’ after Eddie Hobbs was seen on RTÉ urging people to buy apartments in Bulgaria.

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