Almost 70 per cent of adults believe the expectation among Irish people of owning their own home is unrealistic, according to a new survey by Aviva Home Insurance.
The survey found the belief that Ireland is likely to follow Europe by becoming a nation of renters is widespread and particularly strong among the 18 to 24 year age group. Some 74 per cent of people in this age group believe Ireland will become a nation of renters.
The vast majority (72 per cent) of survey respondents cited the need for security as the main driver for their wish to own their own home, while 43 per cent said they wanted to be able to bequeath a property to their children. Just over a third (36 per cent) said they felt pressurised by family and friends to own a substantial asset.
The survey found one in four (26 per cent) of 25 to 34 year olds are moving back to live with their parents in order to save money for a deposit on a house.
Sharon Treanor of Aviva Home Insurance said almost half of those surveyed support the need for the 20 per cent deposit, recently introduced by the Central Bank, despite the extra burden it puts on young people seeking to get on to the property ladder.
She said people seem to feel that home ownership is less realistic than it once was and are more accepting of renting in the long-term.
“Even though our survey found that more than a quarter of those in the 25 to 34 age group are taking steps to save for a deposit - including moving back in with their parents - our traditionally strong attachment to home ownership seems to be loosening”.
“The fact that 69 per cent of respondents said the expectation or pressure to own your own home was now unrealistic is further evidence that a definite shift in attitudes is underway,” she added.
