About 67 per cent of people in Ireland say buying a home is more challenging than ever, according to a new study from Royal London Ireland.
The survey of 1,000 people found that more women than men find challenges when they are purchasing a home, while a third of men say it has always been difficult to secure a house here. Just more than one in four who participated in the study agree that it is difficult to get a foot on the property ladder in Ireland.
The results from the report echo a 2019 Royal London study on challenges in the property market here. Prices of new homes in Ireland have more than doubled since 2013, while the value of second-hand homes is 137 per cent higher than it was in 2012, according to the Central Statistics Office.
“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,” Barry McCutcheon, propositions lead at Royal London Ireland, said,
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According to the study, the highest per cent of people who agreed that it was difficult to buy a home fell in the 25- to 34-year-old age group with 72 per cent of respondents agreeing with the statement.
Some 65 per cent of 18- to 24-year-olds agreed that it was harder than ever to buy a home. This percentage was similar in the oldest age group of the survey where 66 per cent of those who were 55 and above agreed it was difficult to buy a home.
There was a 10 per cent increase in price for new houses between 2022 and 2023, according to the CSO, while the number of vacant dwellings fell by 11 per cent between the 2016 and the 2022 census.
Mr McCutcheon added: “The findings demonstrate the need for solutions to address the difficulties within the housing market, particularly for younger individuals striving to achieve home ownership.”
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