Young people are moving back home to save for a deposit
Thousands of younger people are moving back to their parents’ homes in a bid to save money for a deposit for a house, a survey has found.
The belief that Ireland is likely to follow Europe by becoming a nation of renters is widespread and particularly strong among the 18- to 24-year age group, the survey of 1,000 people found. Three-quarters of people in this age group believe Ireland will become a nation of renters.
But 70pc of all age groups believe that the expectation of owning their own home is now unrealistic.
And brokers have warned people not to be sucked in by “glitzy” offers like cash back and money for paying legal fees when it comes to choosing a mortgage provider.
More than a quarter of people between the ages of 25 and 34 said they had moved back to their parents’ homes to save for a deposit on a home, according to the survey commissioned by Aviva Home Insurance.