Are 'investors waving their cash' and killing the market for young couples?
Especially in Newry...
This week we were contacted by Newry woman, Ann, who asked if we ever write about the difficulty young couples face buying their first house?
She is mother to two children of an age now where they're looking at jumping onto the property ladder, however, that goal is much more unrealistic than it was a generation or two ago.
In a style akin to the traditional 'Letters to the Editor' we thought we'd pose her email as such.
I personally got a taster of the difficulty when spending a short time in the industry.
The crazy amount of investors waving their cash offers around on affordable houses for the young couples budget is ridiculous and truly sad.
How can a couple with a good wee deposit gathered up and applying for a mortgage compete against the big alligators eating up all the first time buyers price range properties.
There should be a law introduced that if first time buyers are bidding on a property the cash investor cannot join the bidding circle (probably unable to do so) or tax any person with more than two houses a really high amount to deter them continuing.
The sad thing is demand is so high for rentals - these desperate tenants are actually paying the same as a mortgage monthly repayment, but after doing so for years and years and years, don't even own a door handle after all that time and money - it truly saddens me.
This rental trend/plague is destroying the social community spirit and indeed the image and appearance of an area.
I wish these high-up individuals in our communities and country (who are likely property investors themselves and have umpteen houses) take a real look (not at their pockets or bank balance) but at how much they are crushing dreams and aspirations of the young people trying to buy their first property.
These big property investors are more than likely not even living in, or near the communities, and indeed in cases not in the same country or continent as the properties they eat up......am I alone in saying THIS IS NOT RIGHT!
Investors, I accept, are beneficial in industry and development but, in my eyes, back off on what is a natural desire for any young person starting out alone to own their first wee home.
In residential housing, investors build the houses then sell them.
– Ann, homeowner, mother of two kids in their early 20's, both working hard.
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Notice Board
Southern Area Hospice’s 16th Annual Midnight Memory Walk | 6km family walk takes place at St Colman’s College on Saturday September 28 | music from the Choir Studio and refreshments | Those attending will also receive a memory bib to wear and to state who they are walking in memory of. The Hospice’s Memory Wall will be in situ on the night so that people can place a dedication for their loved one for all to view | Click here to register
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Special Olympics Ireland Fundraiser | September 17 | 10am-4pm | Orchard Leisure Centre, Armagh | Coffee morning for Special Olympics Ireland.
Tickets are on sale for the 2024 Armagh I People of the Year Awards. If you fancy coming along and having a great night out, more information and tickets can be found here.
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