Another consequence of the Irish property market: the one-and-done phenomenon |
The dysfunctional Irish property market has created a string of unintended consequences, including a surge in homelessness with tragic consequences, tens of thousands being stuck in box rooms and sharply higher costs for first-time buyers and renters. Figures released this week cast new light on another consequence – the one-and-done phenomenon.
This is where lack of supply and high prices on the second-hand market combine to leave people in their first home, unable to move up the ladder to larger properties. These people are improving and, in many instances, expanding their existing property. The starter home thus becomes the finisher.
It is a logical decision for the families involved, faced with the Hunger Games of the second-hand housing market where every new property immediately faces a queue of buyers.
Often, the only option available is to buy a bigger “doer-upper”, a rundown older property facing a bill of at least €100,000 and often twice that to put in order.
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Many families are instead staying put and turning their three-bedroom home into a four-bed, trying to improve their comfort with a better Ber rating and installing a new kitchen or a Dermot Bannon-style family “space”.
But it also means there are fewer smaller second-hand homes suitable for first-time buyers coming on the market. These smaller homes can........