People in Irish cities ‘can take 15 years’ to put house deposit together – The Irish Times

Mark Hilliard

Would-be homeowners living in Irish cities can spend over 15 years trying to claw a deposit together, a new report addressing the affordability of housing supply has said.

Taking rent and other household expenditure into account, it says, the average time required to save a down payment ranges from 1.7 years in Kilkenny to more than 15 in Galway City, Wicklow, Waterford City, Cork City and Dublin City.

However, the analysis – Putting Affordability at the Heart of the Housing System – envisages a system in which paying rent could be turned to a house buyer’s advantage.

“A key issue is high rents in the private sector, which make it difficult to save for a deposit,” it says.

“Having demonstrated the capacity and commitment to making regular rental payments, consideration should be given to taking the rental history of applicants into account in the mortgage application process.”

The

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