| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy


Finfacts changes from 2015

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Global Cost of Living

Irish Tax - Income/Corporate

 

Feedback

 

Content Management by interactivetools.com.

News : Property Last Updated: Jan 7, 2015 - 10:41 AM


Irish home ownership to fall due to affordability
By Michael Hennigan, Finfacts founder and editor
Nov 26, 2014 - 9:07 AM

Email this article
 Printer friendly page

The Irish home ownership rate is set to fall according to the National Economic and Social Council (NESC), an agency comprising representatives of economic and social groups in the economy, which advises the Government.

The NESC says in a report submitted to the taoiseach that  many families “will have little chance of buying their own home” and will have to turn to social housing or rental properties in future.

The Irish Times says today that these include those on lower incomes, single earner homes, single parent homes and single person households. Research carried out for the introduction of water charges showed about one-third of households were single adult dwellings.

Based on OECD data, home ownership is at about 75% of dwellings and is at one of the highest levels in Europe but behind Spain.

In contrast, only about 43% of Germans have their own house or apartment and this is partly due to the fact that the German government provides for affordable social housing, but mainly because private rents do not rise with inflation. In addition, Germany has a strict landlord-tenant law that protects the interests of tenants.

After reunification house prices were kept under control by increasing supply, incentivised by generous tax incentives.

Ireland has one of the highest rates of owner-occupied dwellings without a mortgage - at over 40% compared with 12% in Sweden and below 10% in the Netherlands.

The Irish Times says Alan Kelly, environment minister, will announce this morning that 90,000 households will “have their housing needs met” by 2020. "In setting out his social housing strategy, the minister will announce a longer and more ambitious strategy than previously signalled."

The NESC will publish its report, 'Home Ownership and Rental: What Road is Ireland On?' in coming weeks.

The leaked extract says that a number of past policies – such as local authority loans, mortgage interest tax relief and tenant purchase schemes – gave Ireland one of the “highest rates of home ownership in recent decades.”

“The increasing share of rental accommodation partly reflects the removal of these supports for home ownership and reduced provision of social housing. There now needs to be a systemic and honest exploration of aspirations, goals and possibilities for home ownership.”

Related

Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak

Irish Economy: Residential mortgage approvals in 2014 as low as in 1977

Irish commercial property annual return to September 2014 at 36.6% - income at global high

NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors

Dysfunctional development land systems in UK and Ireland - Part 1

Dysfunctional development land systems in UK and Ireland - Part 2

Irish House Prices 20i4: Dublin rise eased to 23.4% in 12 months to September

Dublin prime office rents set to return to most expensive in Europe ranks

Rising rents pushing startups out of tech hubs

Irish commercial property sales set to top 2006 bubble peak

Related Articles


© Copyright 2015 by Finfacts.ie

Top of Page

Property
Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement