Many first-time buyers will be forced to defer home ownership following Budget

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MyHome.ie managing director Angela Keegan

MyHome.ie managing director Angela Keegan

Government action to address the lack of supply of new homes in certain areas, particularly Dublin, was sadly lacking in Budget 2016.

That’s the view of MyHome.ie managing director Angela Keegan, who said the lack of starter homes was driving up rents across the country.

She said: “The lack of starter homes has had a knock on effect on the rental sector and exacerbated the social housing situation. Until we meet this demand rents will continue to rise – at present they are just 0.5% below their previous peak – and the social housing lists will continue to grow and grow.

“There were just 6,745 housing completions in the first seven months of 2015 which means we will probably struggle to exceed 13,000 this year, well short of the 25,000 required.

“We said previously that the low level of new builds needs to be addressed by Government through initiatives on planning, the freeing up of development land and the removal of inappropriate levies and charges on residential developments.

“Along with many others we thought the Government was listening – obviously not. Unfortunately this is really bad news, not just for many first-time buyers who will have to defer buying a home for several years, but also for the property market as a whole,” said Ms Keegan.

The post Many first-time buyers will be forced to defer home ownership following Budget appeared first on MyHome.ie Advice & Blog.

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