Mortgage approvals for first-time buyers reached new highs in July, fuelled by government-backed initiatives such as Help to Buy. House prices rose 7.8% in the year to June, outpacing most workers' wages. Charities, councils and the Land Development Agency have spent more than €600m this year bulk-buying over 1,400 homes that never reached the open market. The number of children in emergency accommodation has reached a record high, with more than 5,000 facing a new school year without a home. Overall homelessness numbered 16,058 in the last full week of July. Bulk-buying forms part of supply strategy to approach a 300,000-homes-by-2030 target, but state purchases and foreign investors reduce availability and push prices beyond many buyers' reach.
That the number of mortgage approvals for first-time buyers hit new highs in July, fuelled by government-backed initiatives such as Help to Buy, may appear to suggest that this commitment is being met. Numbers, alas, do not tell the full story. House prices have also been increasing apace, up 7.8pc in the year to June, beyond the reach of most workers' wages to keep up.
Those struggling to get a foot on the property ladder also face competition from another, unexpected quarter - the State itself, which is meant to be on their side. A study by the Sunday Independent this weekend reveals that charities, councils and the Land Development Agency have spent more than €600m so far this year alone bulk-buying more than 1,400 homes that as a result never came on the market.
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