A national survey commissioned by the Irish League of Credit Unions (ILCU) has found that 25% of adults are living in homes that no longer suit their needs, but are prevented from moving due to the current property market.
Over a quarter (28%) of 18 to 34 year olds said they were living in unsuitable homes but could not afford to move out. Perhaps surprisingly, a quarter of those in the older age group of 35-54 year olds (26%) also felt this way.
Sixty four percent of respondents own the property they live in. The survey shows that 18-34 year olds are still finding it difficult to buy a house with just 38% reporting to own their home. The highest concentration of home ownership was in the Leinster region outside of Dublin (74%), with the lowest concentration in Munster (55%).
The majority of people spend less than €1,000 on their home improvements (40%). Just over a quarter spend between €1,000 and €3,000 and 10% spend between €3,000 and €5,000. Five percent spent over €25,000.
Commenting on the findings, ILCU Head of Marketing and Communications, Emmet Oliver said, "It’s troubling that such a substantial portion feel trapped in unsuitable homes, but say the current property market is preventing them from moving out. While most express satisfaction with their long term accommodation, of particular concern is that it’s not just younger generations who believe they are in a home that no longer suits, but a significant portion of the 35-54 age group also feel this way."
Source: www.businessworld.ie