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THE AVERAGE AGE of first-time home buyers is now 34, according to a group representing estate agents.
This average age has jumped from 29 in 2006 and even from 33 just 12 months ago says the Real Estate Alliance.
The REA blames a number of factors for the delay in young people buying houses, saying that they are being priced out above a certain level.
“A definite two-tier system has emerged over the past year nationwide, with €160,000 emerging as the breaking point for interest from buyers in that age group, ruling out most properties in Dublin,” REA chairman Michael O’Connor said this morning.
O’Connor also says that another factor pushing up house prices, especially in rural areas, is an increase in foreign-born nationals living in Ireland who are now buying homes.
In areas such as Carlow, REA agents are reporting that 30% of first-time buyers are now from eastern Europe, a percentage that has grown rapidly over the past two years.
The REA has been vocal in calling for the Central Bank to row back on its mortgage deposit rules with O’Connor describing them as “over-restrictive” and causing a “two-tier system”.
“The introduction of the Central Bank’s requirements, combined with higher rents, has made it increasingly difficult for young people to save deposits, especially in Dublin,” he argues.
“House ownership is now off the table for many couples earning average salaries, with their only hope of purchase now coming from an injection of outside help, usually from close relatives.”
Under the Central Bank rules introduced last year, borrowers are expected to arrive to market with at least a 20% deposit saved for the value of the house they hope to buy. For first-time buyers the rules are slightly more lax, with just 10% of the first €220,000 required, and 20% thereafter.
The REA says it welcomed the rules at the time but that they are now “not reflecting” the market.
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The more of life I see the more I realise that how our life’s pans out is pot luck in some cases. One bad decision or bit of bad luck could mean the difference between having a relatively good & happy life or maybe being like so many unfortunate people, with no place to call home, there but for the Grace of God (or whoever) go I.
I thought Eamon was genuine. It was a nice thing to say. A society is judged by how it takes care of the less fortunate. The Dutch put it succinctly. They distinguish between rich countries (eg. Usa) and what they call “welvarend samenleving” = “well sailing society”. Sweden and Denmark suscribe also to this concept. The idea is when the vast majority are doing well it is better than a small number doing exceedingly well. Given the strength of the Dutch Economy they would appear to be correct.
Large cities like Dublin should take a leaf out of the book used in Amsterdam and Rotterdam. U cannot buy the land under ur house. U get a 99 year lease called “erfpacht”. This eliminates land speculation. Otherwise all property in A’dam, R’dam, the Hague would be impossible to buy for normal people. The Council Controls the land. Construction Companies bid for projects, build them but make no money from land speculation. Result: stable property prices=good.
He’s a spoofer the best of times, certainly regarding football. But his passion and empathy is genuine and sincere in my opinion anyway
Ah Christmas. Half-cut celebrities caring about the homeless over pints in Dublin’s finest pubs.
When you put it like that…
Can’t get decent Coke in this town.
We could have a great world if those who earned the most volunteered the most aid and shelter.
What have you done to assist?
campaigned and donated albeit sparingly. many with money are the ones who are all talk..
Fair play, people are very begrudging of people with a few Bob though and think they should donate it all and do nothing themselves.
The difference being I wouldnt begrudge those who made it honestly or try to live generously but the wealth divide is a poison and its not going to change.
@ Sean Domhnall, by virtue of the fact that those people who earn the most also pay the most taxes, surely that means that proportionately they are actually contributing most to the country’s coffers indirectly?
Sean and those who earn the most money have worked their asses off to get to where they are. There is always going to be a wealth devise. Those who go to collage, get jobs and take risks will be awarded financially. These people are also employers. Then you have those who sit on the dole so the divide will always be there.
Hey phil… can I ask which category you belong to?
Phil. Not in agreement with you, the Government get paid a Mountain of money and look at the state of the Country. But if you are happy……..
Phil, what about those that bust their asses their entire lives just to break even? What do you make of them?
Eh Phil firstly there are a lot of enormously wealthy people who never went to college. Secondly wealthy people rarely risk their own money, they risk other peoples money. Yes they do get jobs so one out of three not bad.
Surely your not so innocent as to believe that?
eh Mary, Phil if you’ll believe that spin undiluted you’ll believe anything. Eyes of the Irish are finally open there’s no sense in talking fair tax systems now, we know who benefits from this republic. Btw Plenty who earn the most money exploited many to get where they are.
I’ll give you Alan Kellys number.
Of course it’s possible but it’s never going to happen……. The genuine homeless who are homeless through no fault of their own need a break….. But there are homeless people that are on the streets because they drank the rent or stuck it in there arm or just are utter s c u m who were a nightmare to live next door to … let them rot .
Wind. there but for the grace God go I and all that.
Like a Miss World contestant. World Peace also, Eamo?
@ Patrick Hurley, I find your comment very insensitive. Eamon seems very genuine in his wish. Also wouldn’t world peace be wonderful if it was ever to happen? Anything that lessens the pain and suffering some of our fellow human beings have to endure can surely only be a good thing?
It’s empty rhetoric, Mary. Like Pat Kenny and his one night amongst the poor homeless souls. It makes Eamonn feel better to say that he cares about this. It doesn’t help the homeless one iota.
BREAKING NEWS… Mary finds Mr Hurley “very insensitive”..
Mary.
You need to relax.
Some people are just waiting to be offended.
i used to admire Eamon (past tense)
he told the unpopular truth about Michelle Smith
he told the unpopular truth about Bertie
then he told us to vote for Martin McGuinness
Pat, Mary is right. Eamon is genuine even he has not the answers. The answer is an erfpacht system for Dublin City as I described above. Large cities in Europe had this problem 100 years ago and this was the standard solution in many countries incl. Holland and Germany.
Back in 1996, Eamonn was earning over 100k punts from the Sindo. That was serious cheddar back then.
On serious lids in RTE as well. 350k according to the figures in 2012.
Can’t handle his drink
BAAAAAAAAA!!! You clowns would comment on anything
Stephen” buy my book” ferris…. Scraping the barrel….was Timmy Bowe not available for once to flog “his” designs?
Poor Eamon has a lot of shame but using the airways and the homeless as a confessional won’t help him or the homeless.
Hilarious…NOT !!!!
on this point he is dead right. if there was a will to do something this could be sorted rather easily.
rather politicians on all sides have turned this issue into a political football………..the human cost is being ignored. endas shameful photo op recently or the portocabins that cost more than building a house…………never mind getting fas student to renovate and reopen existing boarded homes.
its a f###ing joke/
Could be good telly.
Pandora’s box more like? Switch it on over Christmas, stare at it and then go to bed depressed?
Celebrity Pub Crawl..!!! Honest to goodness, what will they think of next???
Eamonn Dunphy is an honest genuine Man, he cares and it shows.
Eamonn i wish you and your Family a very Happy Christmas, and i for one hope your wish comes true .
A pint of rum please lol.
Some say this guy Dunphy he,s a clown others might say he,s a shambles but I think he,s real gent well said Eamo merry christmas
Good man Eamo ❤feeling the love
Eamon gets weepy at the drop of a hat
have your say