Are people really giving up on buying a home?

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There has been much discussion in recent weeks about the Central Bank’s new rules and what impact they have had on the housing market.

Too often people with vested interests, be it estate agents or builders, are the ones having the say on the rules. This was noted by chief economist of the Central Bank, Gabriel Fagan, earlier this week when he said it was wrong for the property industry to blame the lending rules for any developments in the market they did not like.

However, it was sad in many ways to see a survey yesterday which found that six in ten people in Ireland had given up on owning their own home.

The survey by Co-operative Housing Ireland found that those in the private rental sector were particularly downbeat on their chances of owning a home.

Who could blame them either? It’s difficult for anyone to come up with a 10 or 20 per cent deposit when they are paying huge rents on top of their normal day-to-day expenses and other bills.

While last month the Government unveiled new rent measures, 70% of Dubliners also expect rental increases in the next 18 months which won’t help their task of getting their own home.

Indeed 56% of those surveyed say the Government isn’t doing enough for the private rental sector despite recent measures.

The survey also found that people living in the capital spend a higher proportion of their income on rent than renters in the rest of the country – an average of 36% in Dublin and 33% elsewhere.

Fagan might have claimed it would be next year before the true effects of the Central Bank’s rules could be seen but already many people have given up their dream of owning their own home.

No one condones dangerous lending practices but that is something to pity.

Let us know your experience of the situation.

  • Have you given up on owning a home?
  • Are you currently saving for a deposit?
  • How difficult is it to save at present?

Have your say below…

The post Are people really giving up on buying a home? appeared first on MyHome.ie Advice & Blog.

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