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Half of young Dubliners are ‘concerned about rapidly rising house prices in city’

Half of people in Dublin are worried about the rise in the house prices, a Herald Millward Brown opinion poll reveals.

The level of concern in the capital over the growing property bubble is higher than in the rest of the country.

Likewise, young people between the age of 25 and 34 are watching the growth in property prices with trepidation, where 45pc say the house price increase is of concern.

But older people, who tend to own homes already, are less worried about the developments in housing prices.

The poll found divided views on the movement in the property market with 51pc saying they are not concerned. The lack of concern is particularly prominent among farmers and 35-44 year olds and 45-54 years olds.

FINDINGS

The findings come as Tanaiste Eamon Gilmore expressed lukewarm views on the Government’s proposal to make it easier for first-time buyers to get a mortgage.

In an effort to kick-start house building and to allow banks to give out more loans, the State will guarantee a portion of the mortgages to first-time buyers of new houses.

The scheme will allow the first-time buyers to buy their houses with smaller deposits, by giving out mortgages worth 90-95pc of the value of the home. The proposal has been met with a more cautious response by Labour Party figures.

Mr Gilmore yesterday insisted the measure would be subject to an economic impact study before a decision is taken on whether to implement it. “One of the issues obviously is the availability of credit to people buying their first home,” he said.

Labour Party deputy leader Joan Burton said the supply of new homes is crucial.

hnews@herald.ie


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