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SOCIAL BOOKMARKS

Housing report says people on average income can only afford 5% of houses in Dublin area

A new report released by Initiative Ireland has said that not only is there a housing shortage in this country but the houses that are available are too expensive for the average Irish household.

Analysis conducted by the group says that even with the government’s ‘Help-to-Buy’ Scheme and a 90% loan-to-value mortgage households earning the average gross income of €57,200 would only be able to afford 5% of houses on the market.

The numbers weren't so bad in the Midlands with 80% of houses on the market deemed affordable. However, according to the research, this region only 30% of the houses they needed as the homelessness and housing crises to continue.

While the numbers for the Midlands are more encouraging, the fact is the demand is around the capital.

“Half of all Irish housing demand will fall within the Greater Dublin Area by 2031, said Padraig W Rushe, CEO of Initiative Ireland.

"We should see significant investment in affordable housing in the region based on demand and yet because this is where the all-in cost of construction is highest, the minimum cost of delivering housing units is proving too close to or falling below the end purchase price.”

Mr Rushe added that the types of housing available must to be suitable for the needs of the public.

"We don’t require 40,000 new luxury homes in D4, we need a mix of housing types across the country to reflect the underlying demographics and sadly last year we saw a concerning mismatch between the types of houses built and the types of homes needed, with construction in the Greater Dublin Area seriously under serving lower to middle-income families,” he said.