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Friday 18 October 2019

Most believe we can own a house in our 20s

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Claire Murphy

Claire Murphy

Most Irish people still believe we can own a home in our 20s, new research has revealed.

A total of 41pc of consumers surveyed say that between 25 and 29 is the ideal age to buy a property.

An overwhelming majority (95pc) believe you should be out of the family home before you hit 30 and 90pc say first-time buyers should be on the property ladder by the time they reach 35.

The ages listed by consumers, revealed in the iReach survey of 1,000 people commissioned by insurance firm Royal London, appear to be merely aspirational, given that figures from the Central Bank found that the average age of a first-time buyer in Ireland rose from 31 in 2003 to 34 in 2018.

Commenting on the findings, Barry McCutcheon, proposition lead at Royal London, said: "As the age of first-time buyers in Ireland continues to rise, it would appear that moving out and buying your first property at the most 'desirable' age is beyond reach for most people.

"As society evolves, family situations and living arrangements change. What would have been once considered the traditional sequence of events, get married, buy a house and then have children, in that order, is becoming less common," he said.

The survey found the vast majority of people believed you should be in your early 20s when moving out of your family home.

Yet the actual average age at which young Irish people now leave the family home is just after they turn 26 years of age.

Irish Independent

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