Housing Minister Darragh O’Brien said “things are changing” for young people looking to buy a property or move out of their family home, reports Breaking News.
Data published by Eurostat shows that almost two-thirds of adults aged 25-29 live with their parents, compared to the European average of 42%.
Mr O’Brien admitted it was “a challenging situation” for young people and hinted that the €500 a year tax credit for renters would be increased in the upcoming budget.
Mr O’Brien said: “This has been a trend that’s been occurring over the last number of years. What I would say to them is, is that things are changing and change is here now. We saw affordable homes for purchase and rent delivered for the first time in a generation last year. It is obviously a very challenging situation for them. Many people are staying in college longer, and starting their lives later, but most people I meet, they want the opportunity to be able to buy their own home at an affordable rate,” reports Breaking News.
“We’re seeing in the first six months of this year planning permissions are up nearly 40 per cent, commencements of new homes being built across all tenures, including rental, up 10 per cent on last year, and actual new homes being completed, over 6 per cent up. So it’s going in the right direction. There is frustration there, I acknowledge that,” Mr O’Brien told RTÉ’s Morning Ireland on Tuesday, reports Breaking News.
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