Thursday 18 July 2019

Millennials are 'sceptical of ever owning their own home' - survey reveals

Almost 1 in every 6 Irish people think that they will never own a home. Stock photo: Dominic Lipinski/PA Wire
Almost 1 in every 6 Irish people think that they will never own a home. Stock photo: Dominic Lipinski/PA Wire

Payu Tiwari

Almost one in every six Irish people think that they will never get a foothold on the property ladder.

According to a recent survey of over 5,000 people by the AA, 9.225 of respondents felt that owning a home was something they felt that they were unlikely to ever achieve. Meanwhile, a further 6.73pc stated that they somewhat agreed that they may struggle to ever purchase a home.

The feeling was more prominent for those under the age of 35: most of the people surveyed under this age group believed that home ownership was beyond them.

“Housing has long been a concern for Irish people and for our government, but it does appear that people are becoming more sceptical of their ability to ever own their own home, with this being particularly true for younger generations,” said Conor Faughnan, AA Director of Consumer Affairs.

“In previous decades those approaching their mid-thirties would have been on the verge of entering the property market, but a lack of supply and rising costs is forcing this cohort to question if they will ever own a home or at the very least delay purchasing for several more years.

“Even among those under 35, there is a general consensus that home ownership is an important milestone, which would seem to imply that the appetite to purchase property is there but that the opportunities to do so are not.”

The research comes in light of reports of artists and long term residents of Dublin leaving the city because of unaffordable housing.

According to the AA Home Insurance research, 53.12pc of those surveyed agreed completely with the idea that owning a home is an important milestone in life, with a further 24.98pc partially agreeing with this. Despite those under 35 feeling sceptical of their ability to purchase a home, this cohort were similarly likely to feel owning a home was a major life goal, with 56.13pc completely agreeing that purchasing a home was an important milestone in life.

Faughnan, however, was able to suggest some ways of saving costs while entering the property market: “When you are entering the market there are some ways to keep the costs down, particularly when it comes to insuring your home, which could help make home ownership a little more affordable,” he said.

“No-one would ever purchase the first property they see without looking at alternatives, and you should take the same approach with your home insurance. Even if your bank or another insurer that you have a pre-existing relationship with offer you cover at a reasonable price, it’s still worth shopping around to see if you can find a better deal.”

Online Editors

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