Monday 25 September 2017

Some 25pc of adults in Ireland live in unsuitable homes but can't afford to move - credit union body

The credit union survey also determined that adults in Irish are spending more on home improvements
The credit union survey also determined that adults in Irish are spending more on home improvements
Louise Kelly

Louise Kelly

One quarter of adults in Ireland are living in unsuitable homes but cannot afford to move, according to the country's credit union body.

A nationwide survey carried out by the Irish League of Credit Unions (ILCU) found that 25pc of adults are in residences that no longer suit their needs - but they are prevented from moving due to the current property market.

While 28pc of 18-34 year olds felt they didn't have the finances to leave their unsuitable homes, 26pc of the 35-54 year old age group voiced similar sentiment. 

The credit union survey also determined that adults in Ireland are spending more on home improvements with almost a fifth splashing cash to extend their home, either with an attic/garage conversion or a built-on extension.

According to the survey, almost two thirds of adults in Ireland have carried out home improvements in the past three years.

ILCU Head of Marketing and Communications Emmet Oliver said that it's "troubling that such a substantial portion feel trapped in unsuitable homes, but say the current property market is preventing them from moving out".

Read more: Bank of Ireland reports surge in home improvement loan applications

"While most express satisfaction with their long term accommodation, of particular concern is that it’s not just younger generations who believe they are in a home that no longer suits, but a significant portion of the 35-54 age group also feel this way," he said.

Home improvements

New carpets and flooring is revealed as the most popular home improvement with 42pc reporting they were upgrading their homes in this way, with the installation of new heating or insulation systems following closely behind at 38pc.

Most of the adults surveyed said that the area they most wanted to change in their homes in 2017 is the kitchen (21pc), followed by the bathroom (18pc) and living room (16pc).

Close to half (42pc) of respondents said they would not have €1,000 set aside for an emergency home repair.

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