House prices continue to rise in Leitrim.
A new report indicates that the average house price in Longford is now €134,257 while the average rental cost is €565pm.
95% of respondents during survey said buyers should be out of the family home before they hit 30 and 90% indicated that homeowners should be on the property ladder before the age of 35 years.
Royal London recently commissioned an iReach survey of 1,000 people throughout the country to ascertain the views of the general public on what’s the right age to move out of home and to take your first step on the property ladder and commenting on the findings, Tadhg Malone of Royal London in Longford said that as the age of first-time buyers in Ireland continues to rise, it would appear that moving out and buying your first property at the most ‘desirable’ age is beyond reach for most people.
“As society evolves, family situations and living arrangements change,” he added.
“What would have been once considered the traditional sequence of events, get married, buy a house and then have children, in that order, is becoming less common.
“A period of renting at some point is usually the case for many individuals nowadays, and current house prices in Longford are reaching an average of €134,257.
“Central Bank lending restrictions mean that, on average, people have to wait well into their thirties before they can afford their first home.”
Meanwhile, in 2016, the Higher Education Authority reported that 44% of full-time undergraduates in Ireland were living at home or with relatives and commuting to college.
The latest figures also indicate from the 2016 Census1 that almost 460,000 adults are currently living with their parents in the family home.