Third Respondent was skeptical of ever owning your own home – study

  • Third Respondent was skeptical of ever owning your own home – study
    Independent.t. E.
    Almost one out of every six Irish people think they will never get a foothold on the property ladder.
    https://www.independent.ie/business/personal-finance/property-mortgages/millennials-are-sceptical-of-ever-owning-their-own-home-survey-reveals-37189121.html
    https://www.independent.ie/breaking-news/irish-news/article37189122.ece/77db1/AUTOCROP/h342/page28_housing.jpg

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Almost one out of every six Irish people think they will never get a foothold on the property ladder.

According to a recent survey of more than 5,000 AA 9.225 respondents expressed the view that the possession of the house was that they believed that they are unlikely ever to achieve. Meanwhile, 6.73 PC said that they agreed that they can struggle to ever buy a house.

This feeling was more noticeable for anyone under 35: the majority of the people surveyed in this age group believes that home ownership was for them.

“Housing has long been a concern for Irish people and for our government, but it seems that people are becoming more skeptical of their ability to ever own a house, which is especially important for the younger generation,” said Conor Fonn, AA Director of consumer Affairs.

“In previous decades, those who are approaching their mid-thirties would be 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 several years.

“Even among those who are younger than 35, there is a General consensus that home ownership is an important milestone, which would seem to imply that the appetite to buy property there, but no ability to do so.”

The study in the light of reports about the artists and long term residents of Dublin leave the city due to unaffordable housing.

According to AA home insurance research, 53.12 PC of respondents agreed completely with the idea that owning a home is an important milestone in life, with a further PC 24.98 partially agreeing with this. In spite of those under 35 feeling, but sees them as an opportunity to buy a house in this group were also likely to feel owning a home was the main purpose of life, 56.13 PC completely agree that buying a home is an important milestone in life.

Fonn, however, was able to suggest some ways of saving costs when entering the real estate market: “when you enter the market there are several ways to cut costs, especially when it comes to insuring your home, which could help make home ownership slightly more affordable,” he said.

“No one will ever purchase the first property they see, without looking at alternatives, and you should take the same approach with your insurance. Even if your Bank or another insurer that you have a pre-existing relationship with the proposed cover at a reasonable price, still worth shopping around to see if you can find a better deal.”

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