Under this Government, Home Ownership is Not for you in Dublin Unless your Family earns €100,000 a year
Aontú Leader & Meath West TD Peadar Tóibín has highlighted the spiralling cost of housing in Ireland, and how generations of young people will be permanently caught in the Rent crunch because of the price of housing.
An Teachta Tóibín:
“The Housing Crisis has not gone away you know. Just under 60 people died in Homelessness in Dublin last year. The price of housing is spiralling again. The building of homes is grinding to a halt. A whole generation of young people are trapped in unescapable crippling rent rates. The average rent in Dublin is in excess of €2,044 a month. Annually this is a full €3,000 more than the before tax income of a person working full time on the minimum wage. First time buyers compete with tax shy International Investment Funds who have access to far lower international interest rates”.
“The study published by the Society of Chartered Surveyors Ireland was not a bombshell, but a confirmation of what has been true for far too long in Ireland. To afford the cheapest of accommodation in Dublin, a couple or individual needs to have an annual income of nigh on €100k. The cheapest two bed apartment to buy in Dublin is €375k, which would require a 10% deposit of €37,500. Then for more Urban, medium-rise apartments the property would cost in excess of €619k, requiring a €61k deposit. How can young people be expected to get together a deposit of nearly €40k for the cheapest of apartments when affording rent in Dublin, has left many living hand to mouth?”
“It’s becoming nearly as difficult to rent as it is to buy. Albeit, there is more Rental properties available than properties for Sale according to SCSI, this moves Ireland further and further towards being a high-pressured rental culture permanently as opposed to giving people the opportunity to own the roof over their head. The HAP Support scheme can’t keep up with the rate of rent. Young couples and families are moving back in with their parents for a couple of years to try cobble together a deposit. People are having to live further outside of Dublin to afford a home. This is adding to the urban sprawl, commuting hell and air pollution.”
“The SCSI is a welcome report, and confirmation of the dire state of our housing market thanks to government inaction. Major questions exist as to the cost of construction, the reductions in productivity in the sector and to the funding of local authorities through contributions which come from the pockets of those who seek to own a home for their families”.