Latest news with #housingAffordability
BreakingNews.ie
5 days ago
- Business
- BreakingNews.ie
90% of Irish people worried about the daily cost of living due to price increases
More than 9 out of 10 Irish people are worried about the daily cost of living due to price increases, according to the findings of a major EU-wide survey published by the European Commission. The study also revealed that Irish people have the second highest level of concern about the future because of the affordability of housing. Advertisement They also have some of the lowest levels of satisfaction among EU citizens for access to quality childcare and healthcare. The Eurobarometer survey entitled Investing in Fairness assessed the attitudes of EU citizens on various aspects of fairness and social inclusion, including economic stability and quality of life. It found that 91 per cent of Irish respondents claimed they were worried about the future of their household due to the daily cost of living as a result of rising prices. It was the 9th highest rate among the 27 EU member states where 88 per cent overall were concerned about daily living costs. Advertisement Concern levels ranged from a low of 47 per cent in Denmark to 97 per cent in Portugal. Like most Europeans, Irish respondents also expressed concern about the reduced quality of public services, child poverty and housing affordability. Six out of 10 Irish people said they were worried about their ability to pay either rent or a mortgage, while a similar proportion said they were concerned they were not receiving a fair salary based on their skills and experience. The survey showed 92 per cent expressed worry about the affordability of housing with only Portugal having a higher rate than Ireland. The EU average was 82 per cent. Advertisement Ireland also recorded the 7th highest level of concern about the reduced quality of public services with 90 per cent worried about access to services like hospitals, childcare and schools. On a positive note, 39 per cent of Irish people said they were unconcerned about the quality of education in Ireland – the 6th highest rate and more than twice the EU average of 18 per cent. The Eurobarometer poll, which surveyed over 26,000 people across the EU, including over 1,000 in the Republic, also assessed the public's view on job satisfaction. It showed that Irish workers were less concerned that most Europeans that their skills were becoming less valuable because of digital changes in society. Advertisement The report also revealed that almost two-thirds of Irish workers (64 per cent) – the same figure as the EU average – are worried about the future because of a lack of job opportunities. Workers as well as unemployed people in Ireland emphasised the importance of training more than most Europeans with Irish citizens among the most willing to take part in training to develop their skills for using digital technologies in their daily work. Irish respondents were also among the strongest supporters of favouring programmes which would ensure young people had access to childcare, education, training and affordable housing. The European Commission said the report's findings would be instrumental in shaping policies and initiatives aimed at fostering a more inclusive and equitable society. Advertisement It claimed the high level of satisfaction found among EU citizens with their current job indicated a general contentment with employment conditions across the EU. Ireland recorded the joint 2nd highest job satisfaction rate together with Finland and the Netherlands at 93 per cent after Denmark, while the EU average was 85 per cent. However, the European Commission noted that only a narrow majority of Europeans were satisfied with access to quality healthcare and social services which demonstrated the need for more substantial efforts in these areas.
Daily Mail
21-05-2025
- Business
- Daily Mail
Why first-time homeowners need to 'get in before the crowd' and buy now
Hopeful home buyers have been urged to pull the trigger now before a first home assistance scheme causes property prices to surge. From January 2026, the federal government will guarantee half the deposit on Australians' first homes, slashing the requisite from 10 per cent to five per cent. A deposit of just $50,000 would be enough to purchase a $1million home. However, industry experts warned the plan will fuel housing stress by opening the door to a flood of demand in a low-supply market. Michael Yardney from Metropole Property Strategists has predicted vendors will react to the scheme by raising house prices - making homes less affordable for future generations of entry-level buyers. 'Property prices will skyrocket in early 2026 when Labor's five per cent deposit scheme comes into effect – get in before the crowd,' he told the West Australian. 'Sure, prices seem expensive but that's what your parents said. Who wouldn't like to buy their parents' home for the price they paid.' Tim Reardon, an economist from the Housing Industry Association, also encouraged first-time buyers to buy now before the scheme takes effect. 'The housing affordability problem will get significantly worse over the next three years as we complete a low volume of homes, and population growth remains extraordinarily high,' he said. Labor's Homes for Australia Plan also promises to shore up renters' rights. The Albanese government has vowed to build 100,000 homes exclusively for first-time buyers to balance demand for property introduced by its deposit scheme. They also believe their $43billion commitment to the housing industry - eight times more than the Coalition invested in a decade - will see the construction of 1.2million homes over the next five years. But critics have repeatedly slammed Labor for slow progress on its plans. According to data released by the Australian Bureau of Statistics in April, over one million homes need to be built by 2029 to keep up with projected demand. Australia needs to build 57,000 homes per quarter between 2024 and 2029. The current rate sits about 20,000 houses below that requirement. It follows a strong period of construction during the pandemic. Experts say growth in the industry has been hampered by labour and materials shortages, which the government has promised they are addressing. Slow planning processes and approvals, and high interest rates have also hindered construction. The number of commenced and finished construction projects were down in 2024 compared to previous quarters.
News.com.au
20-05-2025
- Business
- News.com.au
Victorian budget panned as a ‘kick in the guts' to first-home buyers and a ‘chokehold' on property sector
The Victorian budget has been lashed as a 'kick in the guts' to first-home buyers after it slammed the door on a key housing program despite forecasts of a property price surge. Real Estate Institute of Victoria president Jacob Caine criticised the lack of support for first-home buyers in a budget that openly acknowledged home prices are expected to rise, even as it signalled the end of the once popular Victorian Homebuyer Fund. 'If you are a first-home buyer or on the cusp, it must feel like a kick in the guts,' Mr Caine said. 'It appears that the government is simultaneously relying on the extension of the stamp duty discount for new builds and the incentives and support program that the feds have promised, to shirk their responsibility for supporting first-home buyers into their first home. 'The forecast of increased Victorian property prices aligns with most economist and industry pundits, and that says that the opportunity to buy a first home is going to become even more difficult than it already is. 'The government needs to do more to support young Victorians into their first home.' In last year's budget the Victorian Homebuyer Fund shared-equity scheme was slated to exit the state's selection of support programs for affordability-challenged home buyers as of June 30, 2025. Yesterday's budget had no mention of the scheme, which is believed to have helped close to 15,000 Victorians with even a 5 per cent deposit to buy a home with the government paying for up to 25 per cent of its cost in return for a commensurate stake in the property. With no further funding, the state's struggling homebuyers will be directed towards a similar federal scheme dubbed Help To Buy — however that program's start date is still listed as late 2025. The Albanese government announced extensions to its property price caps, now $950,000 in metropolitan areas and $650,000 in regional areas, and the income eligibilities for it in the lead up to this year's federal election. But the number of places has not shifted from 40,000 over four years. At 10,000 per annum, Victorians would have to claim about 4000 of the national total, or 40 per cent, in order to get the same number of recipients as the state scheme. The REIV had called for the state government to follow the federal government's lead by boosting caps on the stamp duty concession scheme for first-home buyers which have remained at $600,000 for a full waiver, and $750,000 for a discounted tax bill, since 2017. State Revenue Office figures show 41,793 Victorian first-home buyers used the scheme in the 2023-2024 financial year, meaning it is helping more than 10 times the numbers likely to be assisted by the federal scheme. However, those numbers are waining as the caps cover an increasingly small portion of the market. At its peakin the 2020-2021 fianancial year, the program assisted almost 54,000 Victorians. They had also sought a more balanced property tax obligations, another budget submission Mr Caine said was ignored despite mounting evidence that landlords were selling up faster than they were being replaced. 'These declines should sound alarm bells, as they reflect a tightening rental market and reduced property investment, just when we need more rental housing, not less,' he said. 'With investor confidence fading, maintaining the budgetary status quo risks further constraining housing supply and worsening affordability issues.' Property Council of Australia Victorian executive director Cath Evans said the budget had left the property sector caught in a 'chokehold' of government fees, costs and charges that were stifling investment. 'The industry was hoping for progress – instead, we've hit a stop sign,' Ms Evans said. 'Since last year's budget, we have been loudly advocating for an easing of the tax burden to promote investment, greater support for first homebuyers and feasibility solutions to increase supply. None of this was addressed in the budget. 'The industry is ready to grow, but it can't grow under the current arrangements.' Housing Industry Association executive director Keith Ryan panned the budget as a bid for re-election that had failed to deliver meaningful and needed tax reform for the property sector. 'Trading conditions for many new home builders have become increasingly precarious in the face of overreaching new regulations, poor consumer confidence and escalating construction costs – many of which have been compounded by Victoria's punitive property tax regime,' Mr Ryan said. 'Unfortunately, this year's budget does little to reduce the prohibitive cost of new home building, apart from the previously foreshadowed decision to extend the stamp duty concession for off-the-plan apartments, units and townhouses for a further 12 months.' He said the one glimmer of hope for first-home buyers was a boost to VLine train services, which could potentially make affordable homes in regional parts of the state more viable for market entrants. Master Builders Victoria chief executive Michaela Lihou said they appreciated a conservative approach, and lauded $50m for the Melbourne Polytechnic Future of Housing Construction TAFE Centre of Excellence. However, Ms Lihou said broader building industry stimulus had been needed. 'While the significant shortage of housing in Victoria has also been a primary focus for the past few years now, we had hoped the Government would have seen the value in a significant stimulus injection to get the industry and homes moving for deserving Victorians,' she said.
Fast Company
19-05-2025
- Business
- Fast Company
Airbnb ordered to block over 65,000 holiday rentals in Spain for rule violations
Spain has ordered Airbnb to block more than 65,000 holiday listings on its platform for having violated rules, the Consumer Rights Ministry said Monday. The ministry said that many of the 65,935 Airbnb listings it had ordered to be withdrawn did not include their license number or specify whether the owner was an individual or a company. Others listed numbers that didn't match what authorities had, it said. Spain is grappling with a housing affordability crisis that has spurred government action against short-term rental companies. In recent months, tens of thousands of Spaniards have taken to the streets protesting rising housing and rental costs, which many say have been driven up by holiday rentals on platforms like Airbnb that have proliferated in cities like Madrid and Barcelona and many other popular tourist destinations. 'Enough already with protecting those who make a business out of the right to housing,' Consumer Minister Pablo Bustinduy told reporters on Monday. Airbnb said that it would appeal the decision. Through a spokesperson, the company said it did not think the ministry was authorized to rule on short-term rentals—and that it had utilized 'an indiscriminate methodology' to include Airbnb rentals that do not need a license to operate. Last year, Barcelona announced a plan to close down all of the 10,000 apartments licensed in the city as short-term rentals by 2028 to safeguard the housing supply for full-time residents. The ministry said it had notified Airbnb of the noncompliant listings months ago, but that the company had appealed the move in court. Spain's government said Madrid's high court had backed the order sent to Airbnb. Bustinduy said it involved the immediate removal of 5,800 rental listings from the site. Two subsequent orders would be issued until the nearly 66,000 removals are reached, he said. Spain's government said the first round of affected properties were located across the country, including in the capital, Madrid, as well as in the regions of Andalusia and Catalonia, whose capital is Barcelona.
