This afternoon.
Ireland’s Parliamentary Budget Office (PBO) has published a ‘snapshot’ of the housing market in 2021.
Viewer discretion advised.
Via RTÉ News:
From 2012-2020, it finds that average wages grew by 23% while house prices grew by 77%. For some, this is making house ownership “unachievable”, the report states.
It says high prices relative to incomes are “pushing potential buyers out of the market and into rental accommodation, social housing or emigration.”.
It notes that prices rose during the Celtic Tiger era at an average rate of 12.6% a year.
Prices rose by an average 7% a year from 2015-20.
The PBO cites the figure published by Banking Payments Federation Ireland last year that home ownership among those under 30 has collapsed from 60% in 2004 to 27% in 2020.
Using the Demographia International Housing Affordability Survey (DIHAS), which measures house prices against median incomes, it concludes that Irish house prices are “severely unaffordable” and have been for several years.
It says that housing affordability has worsened for renters, noting that rents are now 40% higher than their pre-crisis levels in Dublin, where rents have doubled in the past decade, and 20% higher in the rest of the country.
‘Collapse’ in home ownership among young adults – report (RTE)
“I’m just popping out to the estate agents,…
OK dear, don’t forget your crash helmet!…”
It’s not all doom and gloom, lads! What about the benefits that have been siphoned out of the lives of a generation and into the coffers of international vulture funds? Maybe the rest of us should just get up earlier in the morning to bend over and take it up the bottom with more gusto!
And. Let us not forget the good fortune of the majority of our FFG masters who not only have lovely homes, but MULTIPLE lovely homes! Come on, turn that frown upside down!
Also, Mr Varadkar wears funny socks! ALSO, the thing to actually be annoyed about is an imaginary cabal of evil paedophile overlords trying to kill us all with nano-robots!
And don’t let any other party take power, otherwise an entire generation might lose their ability to have any kind of basic quality of life … oh, wait …
…I once worked for an ad agency where a copywriter came up with the line: Reassuringly Expensive…
What was the ad agency and what was the product?
Frank Lowe
Stella Artois.
That was in 1982 so if Bisted worked there then he must be in his 60s.
…long time ago but I’m sure the product was a beer…the agency was called Grays at the time…first time I remember hearing the term head hunted…
Well it was definitely a beer alright.
Other than that your memory is playing tricks …
…probably…
It wasn’t this one, then?
https://pbs.twimg.com/media/FI0m3jgWUAEIck-?format=jpg&name=medium
Well,at your age …
…are you collecting ‘…ist’ suffixes?
It’s literally all he has.
Yo Bisted – I don’t have fantasist yet but then I realised you’re keeping a tight grip on that one …
…Yo, two ton teddy…you started with fantasist!
soon as C19 fades to grey watch the kids emigrate
it’s just what FFG want
Yup I recall an FG councillor telling a young person “emigration is always an option for you” on Twitter a while back, it was actually shocking to read it
Its OK you guys – monetary inflation is at hand. Now is the time to buy! Get on the ladder!
Let inflation erode away your debt, everything will be hunky dory!
Make sure to get mortgaged up to your eyeballs – debt is good
What a time to be alive!
trend seems representative but the numbers on the graph don’t look right!
owning property is a relic of a bygone age, renting for life has been an acceptable practice on the continent for decades now