Tuesday September 22, 2020

Property ladder has become a fool’s game

The rise and fall and rise again of household wealth in Ireland is almost entirely driven by the trajectory of property prices. To fix the problem, we have to stop treating our homes as financial assets

2nd February, 2020
To move up the housing ladder you must first sell the house at a higher price than you paid for it. Picture: NurPhoto via Getty Images

The housing crisis would appear to be one of the defining issues of Election 2020. To understand it, we must consider its root cause – the idea of the property ladder.

This is premised on the assumption that you first buy an affordable house, then watch house prices rise, and when the time is right, flip the house back into the market, take the capital gain, and buy a newer and bigger house. And maybe do...

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