Almost half of us fear we won’t be able to afford home til 2028

ALMOST half of people don’t believe they will be able to afford to buy a house in the next 10 years, a survey has revealed.

Half of house-hunters said they plan to buy in the next five years. Of the remaining half, 40% do not expect to buy until 2028, at the earliest.

While more than a quarter believe they will never be able to buy their own home, according to Aviva’s family finance research published yesterday.

Ann O’Keeffe of Aviva said: ‘Our latest research shows a number of trends that could have a lasting socio-economic impact, particularly in relation to renters and home ownership.

‘For half of those who have yet to buy, home ownership has become a dearly held but distant aspiration rather than a plan. This could be the beginnings of a long-term change in the pattern of home ownership in Ireland.’

Over the last two years, Aviva’s family finance research found that more than 90% would prefer to own their own home. It also found 41% of those who rent are struggling financially, up seven percentage points in a year. Only 15% of renters are comfortable financially.

Those under 34 years of age are most optimistic about job prospects and their expectation of an increase in disposable income over the next six months. While those aged between 35 to 44 are the most financially stressed group with 39% of them saying they are struggling to make ends meet, up 11 points since May 2017, according to research.

The position of those surveyed between 45 and 54 – the squeezed middle of May 2017 – has eased over the year with the numbers who said they are struggling down five points, while those saying they are getting by has increased by seven points to 47%.

The number of 18- to 24-year-olds who said they are financially comfortable has increased by 13 points to 42%.

Only over the over 65s fare better with just under half (49%) considering themselves comfortable.