An estate agents' group has called on the Government to intervene to make homes affordable, saying first-time buyers in particular are finding it"impossible" to get on the property ladder.
Ms Young said renovating an old home or buying properties in rural areas used to be affordable options for those starting out."Build and renovation costs have soared, due to shortage of materials, and tradesmen and builders are in equally short supply. "If we make new-builds cheaper, by reducing the tax-take, that has the knock-on effect of less pressured demand in the rental market, which would see a rent adjustment too," Ms Young said.
The Society of Chartered Surveyors of Ireland has claimed that more than half the cost of delivering new houses is made up of so-called soft costs such as VAT, levies and professional fees, with just 48% of the costs associated with the actual physical build.
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