Skyrocketing house prices are locking a generation out of homeownership, according to Social Democrats TD Cian O’Callaghan.
Deputy O’Callaghan, who is the party’s housing spokesperson, said:
“The cost of buying a home has increased by a further 10.1 per cent in the past 12 months, according to the latest Residential Property Price Index from the CSO.
“First-time buyers are now facing median house prices of €345,000 nationwide, rising to a staggering €462,000 in Dublin. Is it any wonder there are over half a million adults stuck living in their childhood bedrooms?
“A highly educated and skilled generation is once again being pushed out of Ireland but this time it is not for a lack of work. They are leaving because of the housing crisis – a crisis that should have been addressed a long time ago.
“When this Government took office in June 2020, the median price for a home in Ireland was €260,000. In the four years since then, the price of a home has increased by €85,000.
“Every year this Government is in office, it becomes over €20,000 more expensive to buy your first home.
“This cannot continue – and it does not need to.
“This week, the Social Democrats published our fully costed affordable housing plan that will build 50,000 affordable purchase homes in the next five years.
“The plan ensures these homes remain affordable in perpetuity and lays the foundations for a continuous supply of affordable homes for future generations.
“This level of ambition is exactly what a generation locked out of homeownership needs. It’s time to treat the housing crisis as the national emergency that it is.”
October 16, 2024