New CSO house price figures paint a hopeless picture for Waterford homebuyers – McGuinness

Sinn Féin’s leader on Waterford City and County Council Conor D. McGuinness has  said that the latest house price figures from the CSO paint an “increasingly hopeless picture for homebuyers”.

McGuinness said:

“The latest CSO house price index shows the average price increases outside of Dublin stands at 4.9% for houses, while apartment prices rose by 11.3%.

“The increase in house prices for the South East which stands at 6%, is significantly higher than 

the state average of 4.5% and the non-Dublin average increase of 4.9%. 

“A recent survey of property prices by Daft.ie shows that there has been a state-wide increase of 8.6% in asking prices, and that coastal properties have been hit by a huge 23% increase – a face that is causing great hardship in towns and villages along the Waterford Coast. The housing crisis is being further exacerbated for young families in Ardmore, Dungarvan and An Ghaeltacht who are being priced out of their own communities. 

“This residential property price inflation, in the midst of a pandemic, indicates that prices are continuing to rise, and homes are being pushed even further out of reach for homebuyers.

“To place this growth in perspective, there has been a 91% increase in house prices state-wide since 2013.

“This is with the Central Bank mortgage lending rules in place and without price hikes being fuelled by excess credit and 100% mortgages.

“Buying a home has become an increasingly hopeless prospect for ordinary people on decent incomes and I genuinely think the government does not understand the scale of the problem and level of anger out there.

“The alternatives out there such as renting for longer to save isn’t an option for many people with monthly rents now higher than mortgage repayments.

“There are fewer and fewer options out there for people, and that is deeply troubling.

“We need to reverse this trend and start providing people with hope.

“The State must step in and deliver affordable purchase homes that people can afford, at scale, with no hidden equity charges.

“Action must be taken. The government has an opportunity with its new housing policy and with Budget 2022 to truly make a difference for all those ordinary workers struggling to buy a home.”