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.”
Continue reading this atricle at https://www.irishtimes.com/news/consumer/people-in-irish-cities-can-take-15-years-to-put-house-deposit-together-1.4339149