How to buy a new home and the rental market
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The cost of living in Ireland has plummeted, according to a new report by the National Housing Federation (NHF).
The report also shows the country’s rental market is in freefall, with rental vacancy rates at a 25-year low of 5.3 per cent.
Rents have risen for a third consecutive year, according the report by NFU Ireland, a public-sector organisation.
This report is a first step in the process of developing a comprehensive national guide to the rental sector, it said.
It also provides a look at the different types of houses available, with the report also highlighting the key factors affecting rental supply and demand, such as availability of available housing.
The report has been published as the Government looks to build on its housing recovery efforts to build a more resilient housing market in the run-up to the 2021 Census.
The survey was conducted between December 6 and 13 and was completed before the Government announced a package of measures, including rental subsidy, aimed at reducing the number of people in rental accommodation.
It found that the average price of a home in Ireland was €2.75 million in 2016, with one-bedroom properties accounting for €1.4 million of the total.
This was the highest price in Europe, at €2,723, while two-bedroom homes averaged €1,873.
However, the median rent for a property was €1 a week, down by €150 from the previous year.
The median price for a two-bed property in Dublin was €717, while in Dublin Bay it was €5,085.
This means that a family of four in a two bedroom property could have paid up to €4,200 more in rent than a family in a one bedroom property.
The average weekly rent for the same home in Dublin is now €859, while the average monthly rent in Dublin City is €1 for a one-bed and €1 in Dublin County.
Rent increases are seen as an important tool in the Government’s housing strategy, given that the cost of housing in Ireland is falling.
However it said that the survey shows that the country needs to invest in building a more diversified rental market.
“In recent years, the Government has focused on increasing rental supply by building and extending new units, which is one of the key objectives for the next Census.
However, there are currently less than 3,000 properties available in the Irish rental market,” said the report.”
To address this challenge, the National Housing Federation will publish a comprehensive National Housing Strategy this year that will lay out how the Government will continue to build and support a more robust rental supply in Ireland.”
It said the latest survey shows a strong increase in the number and type of properties available for rent in the country, with 1,958 properties available across the country.
In terms of type of house, it also found that a large proportion of the country has a number of properties that are “in use”, meaning they are being rented out for short periods of time.
This includes four-bedroom detached houses with a maximum of two bedrooms, which make up 31 per cent of the market, as well as a smaller number of two- and three-bedroom houses with two and three bedrooms, or two and two-and-a-half bedroom properties.
The biggest increases in rental supply were in areas such as the north of Ireland, which had a rise in demand for two- or three-bed properties, with two- to three- bedroom homes accounting for almost all of the demand.
The NHF said that there were no significant increases in demand across the whole country, however there were signs of demand for single- and multi-family properties in areas in the south and west of Ireland.
It added that the number one reason for the increase in demand was the “demand for affordable housing”.
It said that in 2016 the average household rent was €3,937, which was 2.2 per cent higher than the previous record year, and the average rent for one bedroom was €851, which also was 2 per cent up on the previous census.
However the report noted that there was a fall in the cost per unit for two and four bedroom homes, with an average cost of €1 per week for a single bedroom, down from €2 per week in 2016.
The cost of renting a property in the Republic of Ireland was also reduced by 7 per cent, with prices falling by 5.2 percentage points in the same period.
The average monthly rental income in Ireland for 2016 was €432, which saw the lowest cost of a rental property in Europe at €1.,086 a month.
The most affordable property in Ireland in terms of rent for both a two and a four bedroom home was in Dublin, which cost an average of €2 a week for one room.
The lowest cost was in County Mayo, where the average rental income was €600 a month,
The cost of living in Ireland has plummeted, according to a new report by the National Housing Federation (NHF).The report…