Affordability gap remains for first-time buyers

DCM Editorial Summary: This story has been independently rewritten and summarised for DCM readers to highlight key developments relevant to the region. Original reporting by Irish Times, click this post to read the original article.

Middle earners continue to be locked out of the housing market, according to a new affordability assessment by the Society of Chartered Surveyors Ireland in its annual residential market monitor, which expects prices start plateauing after an increase of 4 per cent in the coming year. Joe Brennan has the details.

Also locked out are high-flying executives parachuted into jobs in Ireland, with an internal Department of Enterprise briefing paper saying that rules governing a generous tax-relief scheme are too rigid. Ken Foxe reports.

Social media companies cannot guarantee that no harmful material will appear on their platforms, a senior TikTok executive told an Oireachtas media committee. Hugh Dooley writes that X’s decision to snub the hearing on online safety was criticised by its peers and by politicians on all sides.

Wind energy generated 39 per cent of the electricity used in the Republic in December, according to industry group Wind Energy Ireland but it says bottlenecks on the national grid mean that about 13 per cent of the electricity generated is not getting to consumers, writes Barry O’Halloran.

Emmet Ryan takes issue with EU plans to introduce digital IDs in the campaign to promote online safety and civility. “Time and again, the clear and obvious dangers that such provisions, which are meant to make us safer, have been highlighted,” Emmet writes. “Time and again, Ireland’s Government has sought to lead the EU into ignoring these warnings.”

And in technology, Ciara O’Brien notes that we all have old tech devices taking up space in drawers, gathering dust and generally just being useless. Some have just fallen from favour, for others software upgrades are no longer available. But, she says, that doesn’t mean they are useless.

On this week’s episode of Inside Business, we hear the argument for scrapping mandatory retirement here, with economist John FitzGerald arguing that such a move could not only reduce the numbers on the State pension and ease the cost of ageing to the exchequer, but also help alleviate the housing crisis.

CSO data says Dubliners’ disposable income is 12 per cent higher than the average across Ireland, but economists will tell you that much of that benefit is wiped out by the higher cost of living for people in the capital. Eoin Burke-Kennedy looks at the numbers.

Sticking with numbers, pretax profits at the Red Cow Moran Hotel, one of the largest providers of accommodation for international protection applicants, almost doubled to €11.32 million in 2023, according to figures filed recently at Companies House for 2023.

Finally, a report from EY says two in five Irish consumers plan to buy an electric vehicle in the next two years, with motorists citing environmental concerns, lower running costs, increased range and high fuel prices among their primary motives. But, writes Colin Gleeson, uncertainty around charging and running costs remains a deterrent.

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