Jack Byrne, 65, was 19 when he bought his first home for £17,500. He secured the mortgage with"just a pay slip" and a deposit of £3,500.
And, though the ease at which her father secured two homes is dumbfounding to Megan, Jack’s home ownership journey had more than a few bumps. "I can't do anything. I can't change my car or whatever, because, if I do, I'll be stuck with a loan and then that will affect the amount of money I can borrow for a mortgage," she said.
What has been less clear is why. That’s partly because it’s a complex interplay of several factors, and accurately drawing a comparison between them over several decades is a difficult task. In the same period, wages have only increased by around 100% in real terms, meaning that earnings have not kept pace with property price increases.
If today’s pair rent in Dublin, it becomes almost impossible. They would need to save 75% of their after-rent, disposable income to get a deposit. The average couple’s income is €76,700, meaning that, allowing for a deposit, 3.5 times their income is just about enough to borrow 90% of the average €272,000 home.
In 1989, the equivalent national figure was just 15%. There was more income left over for life’s other expenses. In 1991, the age at which two-thirds of Irish households were homeowners was just 28. That number is 41 today – a 13-year difference. "If you look at living standards now compared to 20 years ago, they are rising. That means we are going to get married later and have fewer children, even if the housing system was completely flexible and gave us what we wanted."
LouiseByrneNews Had a deposit saved and was ready to buy a house for the last year and it was absolutely impossible. Now like so many other mid to late twenties I have to emigrate because the planning in this country is an absolute joke and all the government have just watched it unfold.
LouiseByrneNews Nevermind looking at the gap how about look at what is wrong with what is going on now and why there is a housing crisis? How many more people are we going to house before we start looking after our own people pleaselisten
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