Property prices in Ireland are projected to rise by 5% in the next year, creating ongoing affordability issues. A couple with a combined salary of €107,000 can only afford to buy a home in Cork while facing significant financial shortfalls in Wicklow and Kildare. The Help-to-Buy scheme does not adequately bridge the affordability gap for average earners. The current market presents structural barriers to homeownership, particularly affecting those with lower incomes and limited savings. Overall, there is an urgent need for support for these individuals.
A majority of estate agents who are members of the Society of Chartered Surveyors Ireland expect property prices nationally to increase by an average of 5% over the next 12 months.
The imagined couple on a €107,000 combined salary will only be able to buy in one of five locations examined, showing severe affordability issues.
The deficit is €65,000 in Wicklow and €22,000 in Kildare for a three-bed home, despite availing of the State's Help-to-Buy scheme.
These findings highlight the persistent structural barrier which exists to homeownership, especially for those on lower salaries.
#property-prices #housing-affordability #ireland-real-estate #first-time-buyers #homeownership-challenges
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