A businessman left “locked out” of the property market says housing inequality means he may never again own a family home, or be in a position to assist his children one day.
olin Shanahan (45) once owned a home in Tallaght, Dublin. But in 2008 he and his wife Clare (44) decided to move closer to family in Waterford.
The couple were in around €80,000 negative equity, due to the financial crash, so they decided to rent out their house to claw back vital value before selling it.
Unfortunately, Mr Shanahan then realised he owed a €20,000 tax bill after he and Ms Shanahan became “reluctant” landlords.
This bill wiped out any savings they’d made towards buying another home, Mr Shanahan said.
Ever since, the couple have found themselves paying rent and outgoings, with little room to save.
Despite having paid around €100,000 in rent since selling their starter home, the father to Quinn (14) and Izzy (11) says he and his wife are unable to climb back on to the property ladder.
If I can’t get a mortgage, how can I help my children one day with a deposit?
“Houses in Waterford are on average around €300,000, so we need a €60,000 deposit,” Mr Shanahan told the Irish Independent.
“We have overheads, a family, rent and the cost of living is through the roof. By the time we’ve saved, I’ll be 50 and could be too old to get a mortgage. Inflation could also result in prices being even more out of reach by then.
Getting on the property ladder is a major struggle for many families