Should the Government change lending rules to make it easier for single people to buy a home? 

As house prices continue to rise ever upwards, more and more single people are struggling to get on the housing ladder. 

On Lunchtime Live, economist David W Higgins explained why they are at such a disadvantage in comparison to couples. 

“When those two groups tend to go out to bid on homes, it means that the two income couple tend to have quite an edge over a single person or a one income couple,” he said. 

Mr Higgins continued that dual income households are “very much the norm”, whereas in previous generations they were unusual. 

“Because of women’s entry into the workforce, we now very much have about two thirds of women in the workforce,” he said. 

“It used to be only one third; so, you just didn’t have as many dual income couples.” 

Keys in a door lock. Picture by: Alamy.com. 

Currently, first time buyers can apply for a loan that is four times their annual income. 

For people who have already bought a property, they can receive a loan that is 3.5 times their income. 

Mr Higgins said this is something the Government should consider re-evaluating. 

“What I’m arguing for here is that we should look and see whether joint applicants should maybe have a lower borrowing multiple?” he said. 

“That might act as a levelling of the playing field.” 

He added that the problem of singletons locked out of the housing market is only likely to get worse as people get into serious relationships much later in life than before. 

“Living alone is very much a trajectory that we’re on,” he argued.

Main image: A For Sale signs outside an estate in Clane Co. Kildare. Picture by: Colin Keegan, Collins Dublin.