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Irish people forced to live with their parents 'til mid 30s

An economist is predicting young Irish people will be forced to live with their parents until the...
Newstalk
Newstalk

11.03 17 Feb 2014


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Irish people forced to live wi...

Irish people forced to live with their parents 'til mid 30s

Newstalk
Newstalk

11.03 17 Feb 2014


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An economist is predicting young Irish people will be forced to live with their parents until they are 35, unless significantly more houses are built.

ESRI economist Professor John Fitzgerald says we need around 25,000 new homes every year, but only 10,000 will be built this year.

Professor John Fitzgerald of the ESRI told Newstalk's Pat Kenny Show a number of factors are putting pressure on the housing stock:

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Since jobs are concentrated in urban areas, we need more houses in Dublin, Cork and Galway, and in other big towns.

In Dublin building only commenced on around 2,000 new homes in the 36 months between January 2011 and December 2013.

Professor Fitzgerald says it's down to the banks to provide financing to builders and buyers alike. If we don't seen an increased investment in housing, he says we'll go back to the very high rents seen in 2005/6 and young people will be forced to live with their parents for longer.

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