Simon Ensor, of the Sherry FitzGerald Group, says most of the impact in the secondhand market will fall at the lower end. But he sees two factors involved . . . the financial impact and the overall feelgood factor which is such an important underpinning of the property market.

?People, in anticipation of getting a big lump of money, will feel more optimistic about making a big commitment like buying a house. So there will be an injection of money as people decide they can afford to buy a house and the market will feel it most at the first-time buyer end."

A recent survey by the Irish Mortgage Corporation found that 1.8% of people plan to give all or part of their SSIAs to their children . . . and considering there are 1.1 million SSIA holders the numbers are close to 20,000. Parents buying for their children or couples buying as a pension fund tend to compete for the same houses as first-time buyers, resulting in fierce competition at the lower end of the market.

But developers of new homes have been making it easier to buy off the plans, with a growing trend for builders of larger schemes to lower the traditional 10% deposit on exchange of contracts. For SSIA holders, it means they can book a property for 3,000 to 5,000 and then, about four weeks later, sign contracts and pay 10,000 to 15,000. The mortgage isn't drawn down until the home is completed . . .anything from six months to two years away.

Many will also buy holiday homes in Ireland, rather than overseas, which rarely cost less than 250,000 and often cost double that.

There is also the option of a caravan on one of the high-status holiday parks opening along the east coast. But the minimum payment for a new mobile is 30,000, with entry fees and annual rents for the more sought-after sites adding anything from 2,000 to 10,000 onto that. Another option is the overseas market, but claims of capital appreciation of 50% and rental yields of 10% . . . with no mention of the risks, building standards, exchange-rate controls and legal uncertainties . . . need to be thoroughly investigated before money is put down. An apartment in Morocco, though, can cost from just 60,000, while a two-bed in Budapest costs around 110,000. Michael Keenan, of Overseas Property Investments, says there are good investments to be made, but cautions novice overseas investors to use experienced agents.