New figures revealing that the average price of a three-bed semi-detached house nationally now exceeds €300,000 shows that home ownership has become increasingly out of reach for prospective buyers, according to Social Democrats TD Cian O’Callaghan.
Deputy O’Callaghan, the party’s deputy leader and housing spokesperson, said:
“The Real Estate Alliance Average House Price Index paints a bleak picture for those looking to buy a home of their own. For the first time since the peak of the Celtic Tiger in 2007, the average price of a three-bed semi-detached property in Ireland has risen above the €300,000 mark.
“The situation in Dublin, where the same house type now costs an average of €504,000, is even starker. This is pushing up prices outside the capital as house-hunters look further afield to find an affordable home. If people are being forced out to the commuter belt, they will remain reliant on cars. Where does this fit in with our environmental ambitions and the concept of the 15-minute city?
“Due to rising house prices, the percentage of first-time buyers in Dublin has fallen from 72 per cent to 43 per cent in just one year.
“Rising interest rates and a shortage of new and second-hand homes have created a perfect storm for those hoping to buy.
“Under this Government, home ownership rates have continued to fall and the average age a person can buy a place of their own is rising. It is little wonder that there are now more than half a million adults in their twenties, thirties and forties still living at home with their parents.”
September 25, 2023