This afternoon.
Ireland’s Parliamentary Budget Office (PBO) has published a ‘snapshot’ of the housing market in 2021.
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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)