12 Aug 2022

'Young adults are being held back with no option but to stay on living at their parents' - Derry MLA demands more help for first-time buyers in Derry

buying house
The Foyle SDLP Mark H Durkan MLA has said that lack of suitable and affordable housing is preventing first-time buyers from getting onto the property ladder. Mr Durkan has called for more to be done after new statistics revealed that home ownership for 18-34 age bracket has dropped from nearly half of all tenures in 2005/06 (49.4 per cent) to less than a third in 2015/16 (31.4 per cent). The MLA for Foyle said:“The SDLP have been calling for a 20-year Housing Strategy that includes a wide range of schemes to support and enable first time buyers to afford their own home. “Young adults are being held back with no option but to stay on living at their parents or remain stuck paying someone else’s mortgage through rent because of high house prices and the huge deposits needed. "Staying at home or renting is fine if it is your choice but for so many people well into their 20s and 30s, they have no other option because despite working hard, affording their own home remains well beyond their reach.” He continued: “There is much more that could be done to enable first-time buyers onto the property ladder. This is yet another reason why we need a functioning Assembly and Executive."

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