{"id":522,"date":"2019-05-14T21:11:21","date_gmt":"2019-05-14T20:11:21","guid":{"rendered":"https:\/\/mortgagexpress.ie\/?p=522"},"modified":"2023-11-14T23:25:44","modified_gmt":"2023-11-14T23:25:44","slug":"65-believe-it-is-harder-than-ever-to-secure-your-first-home","status":"publish","type":"post","link":"https:\/\/mortgagexpress.ie\/65-believe-it-is-harder-than-ever-to-secure-your-first-home\/","title":{"rendered":"65% believe it is \u201charder than ever\u201d to secure your first home"},"content":{"rendered":"
65% of people believe it\u2019s harder than ever to buy your first home in Ireland. This is the primary finding of a survey (see appendix) from leading protection specialist, Royal London, which sought tofind out Irish people\u2019s views around the challenges currently faced by First Time Buyers (FTBs).<\/p>\n
The nationwide survey of 1,000 people, commissioned by Royal London and conducted by iReach, confirms that there is a strong public perception that FTBs in Ireland are facing obstacles around home-ownership which are considered more challenging than ever before. The findings are supported by new research which shows that home ownership in Ireland has fallen markedly in recent decades, with the numbers of people in private rented accommodation rising simultaneously\u2013 particularly when it comes to Ireland\u2019s younger population.1<\/p>\n
Commenting on the findings of this new research Royal London Head of Sales, Daragh Feely, said,<\/p>\n
\u201cHomeownership has fallen in Ireland from 72% of all housing units in 1991 to 67.5% in 2016.However the decline has been particularly prominent for those in the 25-34 year old age bracket whose homeownership levels dropped from 68% in 1991, to just 30% in 2016.1 It seems that the views of our respondents are broadly in line with this research data, given that most (65%) say themarket is tougher than ever.\u201d<\/p>\n
Royal London says that with the Help-to-Buy incentive scheme due to end later this year, and the supply of properties still not keeping pace with demand, the future looks set to remain testing for anyone trying to take their first step on the property ladder.<\/p>\n
Daragh expanded by saying,<\/p>\n
\u201cOur survey shows that 69% of 18 \u2013 34-year-olds believe that it\u2019s more difficult than ever to makeyour first property purchase. This is understandable, given that this is the age-group most likely to be affected. However, what\u2019s interesting, and perhaps more telling, is that this is only marginallymore than the number of people aged 55 and over, at 65%, who also believe that it is more difficult than ever to be a First Time Buyer in Ireland. Is this because they are comparing their own experience with how difficult it is for their children to buy a home now? Perhaps, if they are facilitating their adult children living with them for longer than they would have expected the knock on effect on them is making the homeownership struggle more apparent to them.\u201d<\/p>\n
The Royal London survey also found that:<\/p>\n
\u201cWhile there are varying degrees of hardship involved in purchasing your first home, dependingon your circumstances, it must be remembered that in February of this year alone 1,693 mortgages were approved for First Time Buyers in this country3, an increase on this time last year\u2013 so there is hope for the thousands of would-be homeowners looking to purchase over the next few months and years.<\/p>\n
\u201cIf you are a First Time Buyer who has questions about your personal financial circumstances I\u2019dencourage you to speak to a Financial Broker who will be able to advise and makerecommendations to you based on your needs and particular circumstances.\u201d<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Survey supports recent research signalling contraction of home ownership in Ireland 65% of people believe it\u2019s harder than ever to […]<\/p>\n","protected":false},"author":1,"featured_media":526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"footnotes":""},"categories":[29,30],"tags":[33,35],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/mortgagexpress.ie\/wp-content\/uploads\/2019\/05\/newhome.jpg","_links":{"self":[{"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/posts\/522"}],"collection":[{"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/comments?post=522"}],"version-history":[{"count":7,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/posts\/522\/revisions"}],"predecessor-version":[{"id":84269,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/posts\/522\/revisions\/84269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/media\/526"}],"wp:attachment":[{"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/media?parent=522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/categories?post=522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgagexpress.ie\/wp-json\/wp\/v2\/tags?post=522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}