First-time house-buyers working in Dublin are buying their homes as far away as Laois and Offaly because they are frozen out of the capital, a new survey claims.
The poll suggests a new wave of house-hunters is prepared to commute for more than an hour from the city to secure affordable properties.
Michael O’Connor, chairman of Real Estate Alliance, which carried out the study, said controversial Central Bank rules on mortgage deposits are forcing Dublin workers to live further away.
“We are seeing a marked absence of the 25 to 40-year-olds at viewings in the capital over the past few months as, under the current Central Bank restrictions, they are finding it impossible to raise the deposits needed to purchase houses over the 220,000 euro limit,” he said.
“Conversely, we are seeing growth in commuter interest in counties previously considered at the edge of the daily travelling limits such as Laois and Offaly, simply because the price is right.”
Mr O’Connor said Louth is another perfect example of the new trend in “commuter migration”.
“Although supply is extremely limited, suitable properties are now being bought in these areas by buyers who are prepared to travel over an hour to work in the capital,” he added.
“Lack of supply of suitable housing is the paramount issue nationwide, and while we have had rises in many areas, they are primarily driven by buyer competition for low supply.”