The last seven days have been stark ones for those looking to get a foot on the property ladder in Ireland. Based on a series of new findings, it’s becoming increasingly apparent that homes are becoming less attainable for average wage-earners, as property values are escalating rapidly and new constructions are not meeting the pace of population growth.
The price of domestic real estate has been climbing consistently since 2013, showing hardly any signs of slowing down. Currently, prices are 8.6% higher than they were at the same point last year, as per data from the Central Statistics Office. In Dublin, the increase is even steeper, at 9.3%. Just a year ago, the rate of increase was only 2.1% nationally.
This indicates that in the year to June, the average home cost was €337,500, up from €335,000 in May, according to the CSO. In Dublin, the average price reached €451,000, jumping to €630,000 in Dún Laoghaire – the priciest district in the nation for property.
Simply put, current Irish house prices are now 10.8% above their peak during the previous housing boom in April 2007.
The country’s housing crisis is distressingly unique, with almost four individuals added to the population for every new house built.
Residential property expert Rory Hearne characterised the latest price hike as “massive”, saying that these steep price climbs are on top of the already unprecedentedly high costs of homes.
Given this tough backdrop of dwindling availability and skyrocketing prices, we’re interested in hearing from Ireland’s first-time property buyers. How has your journey been? Do you have a positive outlook towards your first purchase or have your plans had to be altered or compromised?
What role have housing rates played in determining your choice of location? What hurdles have you faced during your quest and what lifestyle modifications have you had to make to accumulate your deposit?
Lastly, do you harbour hope that the current cost and availability pressures will subside in the forthcoming years?
Kindly utilise the provided form to recount your endeavours of attempting to purchase your inaugural residence in Ireland. A variety of the submissions received will be showcased on irishtimes.com.