Bidding, viewing and everything in between: buying a house
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Why are Irish house prices so high and how does it affect first‑time buyers?
Now, if you've opened a property app recently, queued up for a house viewing or tried to bid on a starter home, you already know the story. The national median house price in Ireland now sits at €396,000. But if you live in Dublin, that's closer to half a million. Then you also have fierce competition for second-hand stock, bidding wars and strict lending rules. The challenges of getting the keys to your new home. are more daunting than ever. Our reporter, Florence Okoje, has been speaking to young people in Dublin City Centre, asking them whether buying a house is achievable for those in their generation.
I'd certainly like to think so but I suppose probably not in terms of budget. Like I still personally live at home kind of for that reason to save more money every month as opposed to spending it on rent.
My name is Isabella and I'm 28 years old. My husband is just starting a master's degree so hopefully in the next like 10 years, that might be able to be something that we can afford or even consider because it's just so expensive. When you think of buying a house, is that feasible for young people in Ireland? I think it's feasible with a lot of compromises. I think our friends who bought the house, they're kind of the only ones I've known who were actively in the process, but... Watching them go through the process, it took months of being outbid by people on these houses that like it was just this constant like, OK, we've put down an offer, but we don't know if we'll get this house. And I think that happened like three or four times before they got the house that they have now.
And do you guys know
anyone, maybe even your age or a little bit older, that has been looking or maybe even owns a home now? Yeah, no, we do. I was living with two girls and one of them has now moved back with her family and she's looking to buy a house. And has she said anything about how the process is like so far? It's long.
Competitive, I definitely would have said. I remember even she was saying that turning up to a view and it'd be, what, 50, 100, 200 people all viewing the same property. My name's Aaron, I'm 25.
My name's Dylan, I'm 24.
I suppose at the age you guys are now, do you feel like it's realistic that you guys will be homeowners in your 20s?
I think so, yeah. Late 20s, definitely. But it just depends on what your attitude is, if you're ready to save enough to lock in, really. I just think it depends on the person, really, yeah.
And what about yourself, Dylan?
It's definitely possible, it's doable. But, yeah, it depends how much you want to sacrifice. It also depends on maybe if you're in a couple or a partnership because, I don't know, in Dublin, house prices are extremely expensive and to even qualify for a mortgage, you need quite a high income, so...
What do Dublin’s young renters say about the feasibility of buying a home?
My name is Tim. I'm 27 years old. My girlfriend is Irish. We're looking here to move here full time. We're looking at the housing market and it's just not attainable right now. We haven't had a hard time getting approval. It's been more that we're just getting outbid everywhere we go.
When do you see you and your friends being able to actually be homeowners? What age do you think that would maybe be?
Probably in our 40s. In our 40s. More likely than not, yeah. Florence
Okoje there speaking to people in Dublin. So what does it take to buy a home in Ireland right now? Where's the value? What supports are working? is there any light at the end of the tunnel for hopeful buyers? To talk about all of this, I'm joined in studio by author and podcaster Ciarán Mulqueen of Crazy House Prices. In a moment, I'll talk to Tara Povey and to Emma about their experiences in the property market. Ciarán, I'll start with you. You set up Crazy House Prices back in 2019. They're a lot crazier now.
They are a lot crazier. Yeah, it's a lot more difficult than it was back then. And it was quite tough back then. But I will say it's not impossible. I hear from people all day, every day, whether it's people in couples or solo buyers that are managing to buy their own home.
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Chapters
8 chapters
1
Why are Irish house prices so high and how does it affect first‑time buyers?
0:00–2:38
2
What do Dublin’s young renters say about the feasibility of buying a home?
2:38–4:28
3
How does the lack of new homes for sale drive bidding wars?
4:28–7:31
4
What impact do strict lending rules have on young couples trying to get a mortgage?
7:31–10:19
5
Why are stamp‑duty cuts and ‘Help to Buy’ schemes not solving the affordability crisis?
10:19–14:11
6
What alternative bidding systems (e.g., national sealed‑bid) could increase transparency?
14:11–17:07
7
How did Tara Povey finally secure a house outside Dublin and what hurdles did she face?
17:07–19:04
8
What lessons can listeners take from Emma’s 20‑month home‑buying journey?
19:04–20:08
Speakers
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