In the 5th episode of Find Me A Home, two trader-uppers struggle to sell the homes they bought at the height of the boom. Getting a deposit together to buy a home is a difficult undertaking for any buyer, but what about the negative equity generation who are struggling to trade up from places they’ve outgrown?
In Wexford town, Wendy and Adam need €50,000 up front for the 20% deposit and fees needed to buy one of the last houses available in a new development costing €195,000. But there’s now increasing interest in the houses from mortgage approved first time buyers who are eligible for the first time buyers tax rebate. As the demand increases so too have the prices. But Wendy and Adam can’t buy until they sell the two-bed terrace that Wendy bought at the height of the boom. Wendy has been paying off the mortgage every month for 11 years now but even with a good offer she will still get less for the house than she paid for it.
That does sting, but I feel lucky that I can do this. Lots of others are stuck in negative equity in places they can’t sell.
Wendy Tobin
They’re under pressure to sell but can’t afford to drop the asking price. Meanwhile, the price of the houses in the new development is due to go up. Their budget already stretched to max, for Wendy and Adam it will be game over.
In Dublin, the most competitive price bracket in the market is those with a budget of between €250,000 – €300,000. For anyone trading up its definitely not a level playing field. Aisling and Robert have a one-bed apartment to sell. They’re in competition with the first time buyers who have more leeway when it comes to bidding, as they only need a 10% deposit.
We’ve lived like hermits for last three years, head down, saving to pay double payments every month to get out of negative equity on a tiny apartment. First time buyers are getting all the help and people like us, the negative equity generation, get absolutely nothing.
Aisling Rafferty
Series Overview:
Filmed across the Spring and Summer of 2017, this highly topical 2nd series follows stories with those trying to buy, rent and sell homes all across the country. There’s a growing demand for housing that’s still in short supply, which is fuelling competition amongst buyers and pushing prices upwards. Across six episodes, the series offers a glimpse into the often fraught process that buyers go through once they have their heart set on a home.
We meet first-time-buyers, excited to be getting a foot on the property ladder, who are surprised that their monthly mortgage repayments will be less than what they would have paid in rent. Rental values are sky-rocketing in every city in the country, making the search for a decent, affordable place to live not for the faint-hearted.
Also featured in the series are some unique, beautiful homes reminding us that you can get a lot more bang for your buck if location isn’t the number one priority.
FIND ME A HOME offers a unique insight into what is really going on in Ireland’s hugely competitive property market.