How can anyone on an average income afford to save €52,000?
News that the median deposit for first-time buyers is now €52,000 is further evidence of how unaffordable housing has become, according to Social Democrats Housing Spokesperson Cian O’Callaghan.
Deputy O’Callaghan was commenting after new figures from the Banking and Payments Federation found the median deposit for first-time buyers exceeded €52,000 in the first half of 2021.
“Today’s figures, which show that the median deposit for first-time buyers is €52,000, is further evidence that the Government’s housing plans are failing.”
“An entire generation has been locked out of the market. Average deposits are now more than double what they were just 10 years ago. How can anyone on an average income afford to save €52,000? Homeownership is simply slipping out of reach for many young people.
“The pressure to save vast sums of money, while also paying incredibly high rents, is putting people under huge stress and strain. It is therefore unsurprising that four in ten first-time buyers are reliant on gifts from parents in order to fund the purchase of a home.
“House prices have shot up by over 12pc in a year. This is unsustainable. The housing market is out of control and there is no evidence that the Government’s housing plan is working. In fact, things are getting worse instead of better.
“The solution to this crisis is crystal clear – the State must build thousands of homes that are genuinely affordable. This can be done by using public land. To date, this has not been done anywhere near the scale that is required. We need 10,000 affordable homes to be built each year.”
7 December, 2021