But a quick comparison between SSIA earnings and house-price increases shows just how badly the scheme has fared alongside the rate of growth in the market.
For those saving up for a deposit, the SSIA earnings of 25% will pale beside the equivalent increase in average house prices during the five-year savings period. If prices rise by a likely 5% from June this year to next — when the first of the SSIAs are being drawn down — the average price of a home in Ireland will have by then jumped from €182,475 in 2001 to €273,480 — a hike of almost 50% and double the SSIA rate of earnings.
Those who put their money into property north of the border on the back of the peace process are now being rewarded with the fastest increasing capital values in these islands. Property values in Northern Ireland are now rising at the rate of 16.8% per year.
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A survey by the University of Ulster and Bank of Ireland shows that a typical home now costs the equivalent of €195,057. Enniskillen and Fermanagh have the highest annual inflation rate at 25.8%, while the most expensive property type across the region is the detached house, costing an average equivalent of €310,114 — up 22.3% over the past year.