Ireland's housing crisis: millennials, a generation sacrificed

The housing crisis in Ireland has worsened since the economic crash of 2008. 

Despite near-full employment, homelessness is at an all-time high, exceeding the figures recorded during the Great Hunger (Irish Famine) in the mid-19th century.

Young graduates across the country are facing an uncertain future and this crisis could have a demographic impact on the country as Rory Hearne, a Senior Lecturer in Social Policy at Maynooth University explained: 

"We are starting to see a decline in the birth rate among young people because it is obvious that in order to have children and feel safe, people want a safe home and they want to be able to see that they can have a safe home in the future. At present, young people have no certainty”.

This insecurity is due in particular to a high rate of tenant evictions. In Ireland, renters have virtually no protection. With the average house price in Ireland now standing at an eye-watering €305,000, investment funds and other property owners are looking to sell and maximise their profits.

Too young to buy when prices were at their lowest ten years ago, millennials don't have enough funds to cover a deposit for a house and repayments in Ireland.

The Irish Central Bank requires first-time buyers to provide a downpayment of 10 per cent of the property's value. In addition, prospective homeowners are bound by loan-to-income limits: this restricts the amount of money first-time buyers can borrow from the bank to a maximum of four times their gross income.

In addition, rent and property prices have almost doubled since 2013. The number of young homeowners (aged 25-34) has dropped from 60% to 27% over the same period.

Life's ups and downs can lead to sudden change, as was the case for Sinead Ellen