- NEWS
Pictures take you upstairs and downstairs in the ‘Big Houses’ of IrelandAn exhibition of Big House photos reveals some intimate moments in the lives of both the families and staff, says Tommy Barker
Appeal for public help in double murder probeA double murder investigation involving more than 50 gardaí got under way in Killorglin, Co Kerry, after autopsies confirmed a Lithuanian woman and her young daughter had died violently.
- WORLD
Brand divorced me by text, says Perry Pop star Katy Perry has revealed that Russell Brand told her he was divorcing her in a text message.
Ex-hitman: Bulger’s FBI dealings ‘broke my heart’A former criminal associate of James "Whitey" Bulger told jurors at the accused mob boss's trial that he agreed to testify against his old friend after learning that his former gang pals had begun co-operating with law enforcement.
- BUSINESS
Aircraft leasing firm buys 10 Boeing jetsShannon-based aircraft leasing firm GE Capital Aviation Services have bought 10 new Boeing 787-10 Dreamliners for an estimated $3bn (€2.24bn) at list price.
20% of rich see value of assets halved Nearly 20% of Ireland's wealthy people have seen the value of their assets halved as a result of their over-reliance on property.
- SPORT
GPA may get involved over Friday night championship dictatThe GPA could yet act on the behalf of the Carlow and Laois football panels as they have confirmed neither they nor the players were consulted about Friday week's All-Ireland round one qualifier.
Kearney keeps eyes on main prize Rob Kearney might not have felt like putting his best foot forward today as the Lions continued to prepare for Saturday's all-important first Test against Australia but he is experienced enough to know that after this midweek defeat by the Brumbies, it is essential for the main mission of the tour.
- LIFESTYLE
Bradley bares his soul Soul singer Charles Bradley found fame late in life, but is haunted by his past, writes Ed Power
Our history of shame about sex laid bareSPECTATORS of the live dance-art show, Witches, will have to wake early or stay up late to watch it.
16-19C
Breaking stories
House ownership at 1950s levels, study shows
House ownership in Ireland has fallen to a percentage not seen for almost 60 years, and the number of people renting has soared 50% since the end of the Celtic Tiger.
By Dan Buckley
Latest figures show residential property prices rising for the third month in arow. However, a conference heard yesterday that home ownership levels dropped below 70%, a figure not seen since the late 1950s. In Dublin alone, 30% of residents now rent homes.
The Irish property market has changed fundamentally in a short space of time and, for many, the gloss has gone off home ownership, according to Lorcan Sirr, lecturer in the school of real estate and construction economics at Dublin Institute of Technology.
Speaking at the National Construction Conference in Dublin, Mr Sirr said: “There is finally recognition that renting is good for the economy, bringing with it economic mobility and little risk especially for personal savings. Government housing policy is changing to better balance the options of owning or renting.”
In his presentation to delegates, Mr Sirr highlighted some recent statistics in relation to residential renting. Home ownership levels are now down below 70% in Ireland and 18.5% are now renting — a figure similar to that in the late 1950s. In Dublin, more than 30% of residents now rent their accommodation.
“It’s not only those numbers that are surprising — it’s the rate of change. Nationally, those renting are up nearly 50% in the last five years.
“The problem is, the property market is not ready for this change, leading to a shortage of decent accommodation, especially for families.”
Meanwhile, data released yesterday by the CSO shows that, nationally, residential property prices increased in September by 0.9%, the third consecutive increase since June.
However, the overall trend remains downwards, albeit at a reduced rate with prices showing a drop of 9.6% in the past year.
Dublin house prices increased by 2.6% in the month, but were 10.6% lower compared to a year earlier. Dublin apartment prices were 8.8% lower when compared with the same month of 2011.
The price of residential properties outside of Dublin fell by 0.1% in September compared with a decline of 1% in September last year.
Commenting on the results, Aoife Brennan, head of research at Lisney, said: “We are delighted to finally see an increase in CSO’s index of Dublin residential prices for September.
“The monthly falls registered by CSO for Dublin since last March were very much out of line with what was happening on the ground.
“For homes in well-established parts of Dublin, demand is outstripping supply. In the majority of cases, we are seeing multiple bidding for a house.
“In recent months, cash buyers have been making up about 40% of the Dublin market. This category of purchaser is not taken into consideration in the CSO index as it is only based on mortgage drawdowns. This is unfortunate, as we believe that if cash purchasers were included, greater increases in prices would be seen.”
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