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Is now the time to buy a new home? Politicians may not provide the answers you need

So, is this the right time to buy a new home? With the general election now just months or possibly weeks away, and with politicians of every party and those of none promising the proverbial jam tomorrow of affordable housing for all, one could easily be tempted to hold off for just a little longer before taking the plunge. And that may be the right thing to do if you believe that the arrival of a new government will have a dramatic impact on the number of new homes being built or on their affordability.
If, on the other hand, you’ve become somewhat jaded by the auction politics that to date have delivered all too little and all too late you might decide that it’s best to press ahead with your new-home search now.
While supply continues to fall far below demand thanks to the combination of inaction and ineptitude displayed by successive governments in relation to housing since at least 2013, there are more and more new homes available in Dublin, its commuter counties and beyond. And, thankfully for those prospective purchasers whose earnings push them above the income limit for the State’s Affordable Purchase Scheme a good number of these homes are priced below the €500,000 Help-to-Buy threshold. A selection of these schemes are included in this week’s Irish Times coverage of new homes.
But the homes that we are featuring are merely bright spots in what continues to be a rather grim picture for the aspiring homeowner. The fact remains that if we’re to come anywhere close to meeting the full extent of the unmet demand that exists for a roof above one’s head, this year’s anticipated output of 35,000 new homes will need, according to the recent report of the Housing Commission, to increase to an average of 60,000 completions between now and 2030. Just how that will be done continues to be the subject of debate among a wide variety of stakeholders, with the most vocal of these now looking for your vote.

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