Young people ‘blacklisted’ from housing market

SDLP Youth shocked at the continual rise in house prices, leaving young people with no hopes of getting onto the housing ladder.

SDLP Youth Chairman Gary McKeown has expressed concern at the findings of a new report which show that house prices in Northern Ireland are continuing to spiral.

Mr McKeown said: “It is extremely worrying that there seems to be no sign of the price growth in the housing market slowing. House prices are now higher here than in Scotland, Wales and many parts of England, even though wages in the north of Ireland are a lot lower than in Britain.

“Prices have gone up 46% in the past year and up 11% during the first quarter of 2007.

“There isn’t a chance in hell of a first-time buyer being able to get onto the property ladder now without putting themselves in massive and dangerous debt. The only young people able to buy houses now are those from wealthy backgrounds. The vast majority of hard-working young people find themselves unable to pay the exorbitant prices now being asked for property.

“The effect of these massive house prices is that most young people now find themselves effectively blacklisted from being able to buy themselves a home.”

Mr McKeown added: “Not only are young people forced into rented accommodation, which perpetuates the ability of property magnates to milk the system for massive profits, but the inability to buy their own homes is going to force a lot of people to move away from the north of Ireland to areas where the cost of living is lower.

“This will present massive problems for the economy here as skilled and educated people will leave in their droves if they find that it isn’t worth their while living here.”

ENDS

Notes: Source of figures- University of Ulster Quarterly House Price Index