It isn't that simple. Yes people were irresponsible, but certainly here in the UK (most definitely Ireland) it was impossible to behave rationally (save for a sizeable deposit) and get on the housing ladder.
The housing market was fuelled by the banks who were actively encouraging people to overextend themselves because it didn't matter because that 100 or 125% mortgage would be ok as the value of their house would go up and up.
The longer you saved for a deposit, the further away you got from getting even the most entry level of housing.
I bought in 98, and thought I'd paid stupid money at the top of the market. It turned out that the total cost of the house (maisonette) then would only be a modest deposit at the real top of the market in 07.
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