Dubliner Kieran Kelly, 33, has been trying to climb the property ladder for 11 years and believes the “government can do more” for people in his position.
r Kelly is a logistics analyst and although he lives and works in the capital he is considering moving away from Dublin to find a place of his own if need be.
On a few occasions he came close to making a purchase.
More recently, however, it has been outbid “with the asking price exceeding €30,000 in some cases”.
“I’ve been checking very carefully over the past year since renewing my mortgage approval,” said Mr. Kelly
“I’m looking on my own, so I have less money to play around with and not only am I encountering other buyers, but in many cases mutual funds as well.”
“In a few cases I’ve placed a bid and the real estate agent said you’ve been outbid by an investor.
“There was one place in Drogheda that I looked at and it started out at €195,000, then it went up to €225,000.
“I’ve actually lost my mortgage approval now, so I’ll have to wait another six months to renew it.”
Mr Kelly said the government should consider eliminating stamp duty for first-time buyers.
“There needs to be more financial support or incentives for first-time buyers. It’s very hard for someone like me who’s single,” he said.
“I saved a good deposit and that’s how difficult it is for me. So I got that for buying a property and then three and a half times my salary. It’s frustrating when you consider how real estate prices were in certain areas and now they’re double that.
“I can remember back in 2011 when the City of North Dublin, my area, had seven pages of properties on Daft.ie for under €100,000. Now you either can’t get anything for less than 100,000 euros in this area or you just end up buying it.”
Mr Kelly said mortgage approval policies also needed to be looked at, particularly for people seeking an extension.
“When renewing, they could maybe look at your last 12 or 18 months for savings instead of focusing on your last six months.
“I used to be told that my last six months of saving wasn’t very good, instead of looking at the substantial amount I had saved overall. So they had no flexibility for me. It was literally just “computer says no”.
https://www.independent.ie/news/after-11-years-of-trying-to-buy-his-first-home-dublin-house-hunter-calls-for-limits-on-cuckoo-funds-42022865.html After 11 years trying to buy his first home, the Dublin house hunter is calling for caps on cuckoo money