Generation resigned to not being able to buy their own home

  • Generation resigned to not being able to buy their own home
    Independent.t. E.
    Long ago, the Irish dream to own a house, but now almost every sixth person is skeptical about the likelihood they will ever achieve it.
    https://www.independent.ie/business/personal-finance/property-mortgages/generation-resigned-to-never-being-able-to-buy-own-home-37191236.html
    https://www.independent.ie/incoming/article37191038.ece/84d1e/AUTOCROP/h342/31Couple%20Looking%20in%20Read-Only.jpg

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Long ago, the Irish dream to own a house, but now almost every sixth person is skeptical about the likelihood they will ever achieve it.

The survey of 5,000 people found 9.22 PC agreed that owning a home was that they were unlikely to reach.

Another 6.73 PC respondents who “rather agree” they can struggle to ever buy a house.

The combination of increasing rents and housing prices has created an atmosphere of pessimism among potential buyers.

Conor Fonn, AA, which carried out the house-buying research, said that the momentous event was how even among those who are younger than 35, there was a General consensus that home ownership is an important milestone.

Some 53.12 PC of the respondents fully agreed with this statement, while PC 24.98 partially agreed.

“In previous decades, those who are approaching their mid 30-ies was on the verge of entering the real estate market.

“But the lack of supply and rising costs are forcing this cohort to the question, if they ever own a house, or at least to postpone the purchase for another few years,” he said.

The study also found a significant generational gap in attitudes to home ownership, with those under 35 are significantly more likely to feel as if home ownership was for them.

Of those respondents under 35, 17.97 PC completely agree they are unlikely ever to be able to purchase a property, with a further 15.56 PC, partially agreeing with this claim.

The survey follows recent figures from the Central statistics office, which showed housing prices increased 12.4 PC in the year.

In December, research by savills estate agents said, 18.9 PC of the population rented their home, the highest figure since the beginning of record keeping.

Meanwhile, rental prices have risen sharply, especially in the capital. In may, property website daft.t. E. it is reported, the average rental price in city center Dublin amounted to 1,923 a month.

In Cork the figure of €1,210, while Galway rents averaged €1,131.

The AA survey comes after research Aviva, published last month, found similar concerns about the “forever renters”.

His research showed that one in four of those who want to own their home believe that they never will. 40 PCs didn’t expect to be able to buy until 2028.

The study was conducted on red among a nationally representative sample of 1,292 people.

Nine out of 10 respondents said that they would rather own property, not rent.

Not being able to afford the Deposit was named as the main reason homeownership unattainable for 68pc of tenants who would like to have your house.

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