15 hours ago
- Business
- Irish Independent
Young people in Laois moving back in with parents amidst housing shortage and sky-high prices
House prices in Laois and Offaly are up by over 16% year on year, and are now around 60% higher than costs before the Covid-19 pandemic, according to the House Price Report for Q2.
The counties are among the fastest-rising housing markets in the country, driven largely by a severe housing shortage and placing additional pressure on first time buyers in the midlands.
The average house price in Laois is currently €284,031 and the price of a one bed apartment in the county at the moment is around €118,000, up just over 30% from this time last year, according to the report.
Independent councillor Caroline Dwane Stanley, who was chair of the housing committee at Laois County Council for the previous two terms, said that these issues are causing 'a stressful time for young people'.
'We are bringing on a stream amount of social housing which is good, but we don't have affordable cost rental or private housing coming on stream, and that is where I see the problem.
'There are 30-year-olds who have moved back in with their parents because they can't see themselves ever affording their own home,' the councillor said.
Cllr Dwane Stanley said that many young people have been in touch with the council about being 'outside the income limits' to be eligible for social housing, however, cannot afford to buy their own home.
Working with housing applications through the county council, the councillor said that the greatest demand in Co. Laois is for one bedroom and two bedroom places.
A two bed terrace is up 17.3% this year compared to last year at €154,000 and a three bed semi-detached house is up 13.9% at €204,000.
A four bed bungalow has risen 18.5% to €412,000 and a five bed detached house is now worth €427,000, up 21.4% on last year.
Independent Cllr in Laois James Kelly said that the county is the centre of Ireland and is home to many large businesses and state funded bodies.
'I'm not surprised that housing prices are increasing with the demand and infrastructure there but I would worry that we're going to head for another crash.
'As a councillor, I see the number of housing applications coming in so we have to try and meet that demand,' he said.
He added that like most of Ireland, rental properties are scarce in the midlands, leading to a competitive and expensive market for tenants.
