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Irish fixation with home ownership over

Wednesday, October 24 12:20:06

A leading Irish property expert today said that, for many in Ireland, the collapse has taken the gloss off owning a home with levels of ownership now below 70pc as more and more opt for renting.

The Irish property market has changed fundamentally in a short space of time and for many the gloss has gone off home ownership, according to Dr. Lorcan Sirr, lecturer in the School of Real Estate and Construction Economics at DIT.

Speaking today at the National Construction Conference in Dublin, Sirr said "There is finally recognition that renting is good for the economy, bringing with it economic mobility and little risk especially for personal savings. Government housing policy is changing to better balance the options of owning or renting."

In his presentation to delegates at the Conference, Dr. Sirr highlighted some recent statistics in relation to residential renting. Home ownership levels are now down below 70pc in Ireland and 18.5pc are now renting - a figure similar to that in the late 1950s. In Dublin over 30pc of residents now rent their accommodation.

"It's not only those numbers that are surprising - it's the rate of change: nationally, those renting are up nearly 50pc in the last five years. The problem is, the property market is not ready for this change, leading to a shortage of decent accommodation, especially for families."