This morning.
The Irish Times reports:
“First-time buyers need to be earning nearly €100,000 a year to secure a mortgage for a new home in Dublin, a report by KBC Bank has indicated.
“The study found that the price of new homes purchased by first-time buyers has “virtually doubled” from about €200,000 to €380,000 since 2012. This has eroded affordability for first-time buyers, it said.
“A first-time buyer or a dual-income first-buyer household availing of a 90 per cent loan-to-mortgage would typically need an income of €98,000 to qualify, the report noted.”
Sponsored Link
The non-engagement with this post is interesting. Do people not care about this anymore? Or just jaded maybe?
I care
But the answer is more residential development, better planning, better public transport, and more relocation outside Urban areas
Far too much labour in the Building Sector is engaged in Commercial Development, particularly in Dublin since it has an accommodation emergency that is far more drastic and likely to impinge on economic stability, than not having enough office space or hotel rooms.
and far too little is coming onto the Residential Use market for the Owner Occupier
And living outside Dublin Cork and other Urban centres is still not feasible enough to permit enough movement
If people want to get serious about Residential Accommodation either as an owner occupier or as a tenant
Build them
and build them either in tandem with required infrastructure, like transport, schools, facilities, broadband etc, or with them already in place
The last two governments have an awful lot to answer for here
and I include eFFers in bundle btw
The Banks and Credit Unions are crying out to get money out the door
they just need the Borrowers
“… better planning, better public transport, and more relocation outside Urban areas”
– the two statements in bold are mutually exclusive; people moving outside urban areas might ease property prices, but good planning, it ain’t.
I don’t know if I would agree entirely with that Rob
There are towns all over the Country boarded up and crying out for new residents
Schools are losing teachers, Clubs can’t field a full team at any level
and they’re only Kms from main motorway arteries
or Railway stations with shONEtty services
Better Planning yes, more ambitious and qualified planning definitely
If we’re throwing 3 billion into Rural Broadband
then why shouldn’t it be matched with a 3 Billion Rural redevelopment and regeneration strategy?
Just saying
I’m no expert
“There are towns all over the Country boarded up and crying out for new residents” – ah well now, that’s different to what you said initially – country towns are still urban areas, and we should indeed be facilitating people moving to them.
“If we’re throwing 3 billion into Rural Broadband
then why shouldn’t it be matched with a 3 Billion Rural redevelopment and regeneration strategy?”
– this is exactly why we shouldn’t be encouraging people to move to remote, badly-serviced areas: it’s setting the state up for inflated, inefficient spends on infrastructure for generations to come.
What exactly is a ” €3 Billion Rural redevelopment and regeneration strategy”?
I know that there is a specific measurable outcome to the broadband rollout (x% of houses have broadband speeds of z MBs).
What does yours actually mean? how would you decide where to redevelopment and regeneration? how would you spend the money? How do you prevent it being abused?
Well there’s currently a €1bn Rural Regeneration Fund under the Ireland 2040 plan. Not that it does any of the things that have been suggested around critical infrastructure. Bread and circuses really.
Details and beneficiaries can be got at https://www.gov.ie/en/policy-information/c77144-rural-regeneration-and-development-fund/
And yeah, it’s Michael Ring’s decision as to who benefits.
Like I said
I’m no expert
You’ll need a fella for all that
And when I said Urban, I – silly me, meant Cities, ie Dublin Cork Limerick Galway etc
I think the only way manage the Accommodation Crisis is to make relocation out of those City areas more attractive
and for that you need to invest in better hardwear infrastructure
What’s the point of delivering High Speed Broadband to Tipperary Town if the place is a ghost town ffs
Bring the people back to Rural Ireland and Towns that formed Hinterlands for the larger well serviced – hospitals, collages, airports etc, Cities
You asked a lot of questions there Cian
How would I do this that and whatever you’re having yerselves
Well
Probably’d make a better fist of it than anyone FineGaeled State Boards/ Minister will Appoint set ups would get in
I don’t know what to say about it. If you are looking for a home, this is not news. If you are not in a position or don’t want to buy, it’s not really news either. I’m not jaded, just despairing.
This is not a market problem as such, it is a social issue; and it requires medium to long term planning to address the lack of housing. But our politicians only care about the short term between elections. And claim they don’t want to interfere with the market. But the property market is completely different to social housing, and that is now distorted beyond recognition because of their inaction.
I don’t know why anyone young stays in the this country anymore, we are eating our young and blaming them for all the problems.