Now imagine that if your single / not in a long term relationship with another working professional who can go in on it with you.
House prices are up to 520k then being the 10% deposit required?
That can’t be right.
Honestly how are people able to save this much? I’m lucky that I’m from Dublin and was able to live at home until I saved up enough to buy last year. I can’t imagine how hard it must be for people trying to save while paying extortionate amounts of rent.
Outrageous
I’m totally going to vote differently next time.
“Changes first pref from FG to FF”
“Average” first time buyers need deposits of €52,500 as house prices rise.
You can still find a semi-d down the country for 275k – 320k resulting in a deposit of 32k which is far more attainable. This figure is an average driven up by the expensive houses in south Dublin.
How would a couple working in the tourism of retail industry possibly afford to buy in the GDA?
The “we all partied” people from the pre 2008 crash who ruined everything for the next generation have a lot to answer for.
The 10% deposit for first time buyers is a good idea but after the exodus of construction workers, supply halted, demand kept going and prices went up.
Trying to save and pay huge rent made it next to impossible for people to buy a house even though they were servicing a mortgage on someone else’s second house.
The housing crisis isn’t a crisis or a mystery. It’s a dilemma and a matter of someone taking the knowable action to fix it. Single people can’t buy in Ireland…. at least not what they want. Couples paying over 1k rent can’t save 30k, especially if they’re paying 1k for childcare as well.
If I was minister for housing I’d make a few proposals….
10% deoosit for first time buyers
20% for second time buyers
50% for anyone buying a second dwelling.
70% for buying a house to rent out as an investment.
I would prevent people using their own house (if there’s still a mortgage owing on it) as collateral for buying another house to rent out.
It’s become far too easy for someone who gets left 100k in a will to buy a dump of a house, poorly furnish it, pay 700 mortgage on it and charge 1500 rent, then rinse and repeat.
Tax the rental profit at 90%, use that to help fund the HTB. After a year of fixing up the poorly furnished/maintained rental house and buying a few appliances they wouldn’t be long realizing that renting houses isn’t a great investment which would free up the tenants to own those houses.
Also we need to build loads of apartments. Catholic Ireland is dead, the family unit isn’t one size fits all anymore. We’re more European and need the apartments they have.
To those who give out about the skyline and views, tough, major cities have tall buildings, object away but your romantic views of what we were versus who we are now as a society has changed.
I’d be prepared to resign if forced to back off or keep the status quo.
There is absolutely no way that the average price of a house for first time buyers across the country is €525000. The average is almost most defintely being skewed by the number of house well over 500k and the quantity of these in Dublin. A standard 3 bed estate house is in the region of 250k where I am in East cork… That’s a 25k deposit.
I take everything the Irish times says with a BIG pinch of salt
A deposit? Ffs you should get a first time flat for that money.
Managed to grab a new build for 350k in Tallaght a few weeks ago. But it wouldnt have happened without the HTB or my wife working too.
Actually it really wouldnt have worked if I didnt reply to the estate agents email.
Thats the game now, who is quicker at email
While also having the cash
There are 2,495 properties for sale on Daft between 200 and 300k……..
Soon, average rent will be €52,500/year
Surely on the dort or luas for that kinda money
Or just leave the kip. Its in my 2022 plans. Nothing for me here if I can’t move out of my fucking parents gaff approaching 35.
I think this is the 5th or 6th media piece I have seen in the last two weeks about our mortgage lending rules. None of them have been good.
My 48 year old coworker bought her newly built 3 bed semi d for 30k just over 20 years ago that’s less than 60% of the average deposit needed today and it’s not that long ago
Meanwhile I bought a house in Belfast with a £12k deposit. I do not envy yous at all.
What’s really crap here is I bought my first house for 50k in 2011…
19 comments
Now imagine that if your single / not in a long term relationship with another working professional who can go in on it with you.
House prices are up to 520k then being the 10% deposit required?
That can’t be right.
Honestly how are people able to save this much? I’m lucky that I’m from Dublin and was able to live at home until I saved up enough to buy last year. I can’t imagine how hard it must be for people trying to save while paying extortionate amounts of rent.
Outrageous
I’m totally going to vote differently next time.
“Changes first pref from FG to FF”
“Average” first time buyers need deposits of €52,500 as house prices rise.
You can still find a semi-d down the country for 275k – 320k resulting in a deposit of 32k which is far more attainable. This figure is an average driven up by the expensive houses in south Dublin.
How would a couple working in the tourism of retail industry possibly afford to buy in the GDA?
The “we all partied” people from the pre 2008 crash who ruined everything for the next generation have a lot to answer for.
The 10% deposit for first time buyers is a good idea but after the exodus of construction workers, supply halted, demand kept going and prices went up.
Trying to save and pay huge rent made it next to impossible for people to buy a house even though they were servicing a mortgage on someone else’s second house.
The housing crisis isn’t a crisis or a mystery. It’s a dilemma and a matter of someone taking the knowable action to fix it. Single people can’t buy in Ireland…. at least not what they want. Couples paying over 1k rent can’t save 30k, especially if they’re paying 1k for childcare as well.
If I was minister for housing I’d make a few proposals….
10% deoosit for first time buyers
20% for second time buyers
50% for anyone buying a second dwelling.
70% for buying a house to rent out as an investment.
I would prevent people using their own house (if there’s still a mortgage owing on it) as collateral for buying another house to rent out.
It’s become far too easy for someone who gets left 100k in a will to buy a dump of a house, poorly furnish it, pay 700 mortgage on it and charge 1500 rent, then rinse and repeat.
Tax the rental profit at 90%, use that to help fund the HTB. After a year of fixing up the poorly furnished/maintained rental house and buying a few appliances they wouldn’t be long realizing that renting houses isn’t a great investment which would free up the tenants to own those houses.
Also we need to build loads of apartments. Catholic Ireland is dead, the family unit isn’t one size fits all anymore. We’re more European and need the apartments they have.
To those who give out about the skyline and views, tough, major cities have tall buildings, object away but your romantic views of what we were versus who we are now as a society has changed.
I’d be prepared to resign if forced to back off or keep the status quo.
There is absolutely no way that the average price of a house for first time buyers across the country is €525000. The average is almost most defintely being skewed by the number of house well over 500k and the quantity of these in Dublin. A standard 3 bed estate house is in the region of 250k where I am in East cork… That’s a 25k deposit.
I take everything the Irish times says with a BIG pinch of salt
A deposit? Ffs you should get a first time flat for that money.
Managed to grab a new build for 350k in Tallaght a few weeks ago. But it wouldnt have happened without the HTB or my wife working too.
Actually it really wouldnt have worked if I didnt reply to the estate agents email.
Thats the game now, who is quicker at email
While also having the cash
There are 2,495 properties for sale on Daft between 200 and 300k……..
Soon, average rent will be €52,500/year
Surely on the dort or luas for that kinda money
Or just leave the kip. Its in my 2022 plans. Nothing for me here if I can’t move out of my fucking parents gaff approaching 35.
I think this is the 5th or 6th media piece I have seen in the last two weeks about our mortgage lending rules. None of them have been good.
My 48 year old coworker bought her newly built 3 bed semi d for 30k just over 20 years ago that’s less than 60% of the average deposit needed today and it’s not that long ago
Meanwhile I bought a house in Belfast with a £12k deposit. I do not envy yous at all.
What’s really crap here is I bought my first house for 50k in 2011…