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67% of people say buying first home more challenging than ever

By July 1, 2024No Comments

New research commissioned by life insurance and pensions firm Royal London Ireland has found that 67% of Irish people say that it is more difficult than ever to buy their first home.

The research also shows that 27% agree that while it is difficult to get on the property ladder, this has always been the case.

The prices of new homes in Ireland have risen by 119% since 2013, while the price of existing dwellings is now 137% higher than in 2012.

The median price of a house purchased in 2023 was €327,500.

Royal London Irish said there was a notable gender disparity in its research, with 15% more women (75%) than men (60%) saying that buying a home in today’s property and financial landscape is more difficult than ever.

33% of men, compared to just 21% of women, perceive these challenges as being a longstanding feature of the Irish property market.

Royal London Ireland said there was also a notable consensus among all age groups surveyed. Both the youngest cohort aged 18 to 24 (65%) and the oldest cohort aged 55 and above (66%), agreed that it is harder than ever now to buy a home.

The highest proportion of respondents expressing this view belonged to the age group of 25 to 34 (72%).

Barry McCutcheon, from Royal London Ireland, said that people still believe that buying a home in Ireland has increasingly become an uphill struggle.

“Notably, a significant cohort believes that the difficulties have always been present, which suggests a deep-rooted issue within the housing market that has persisted over time. Census 2022 findings show that for the first time in over 170 years, Ireland’s population grew to over five million people which has put a huge strain on the housing supply throughout the country,” he said.

He also said that insurer’s ongoing research efforts show the enduring challenges faced by prospective homebuyers over time, with marginal changes observed between 2019 and the present.

“The findings demonstrate the need for solutions to address the difficulties within the housing market, particularly for younger individuals striving to achieve homeownership,” he added.

Article Source – 67% of people say buying first home more challenging than ever  – RTE

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