Newry Armagh Sinn Féin Sinn Féin -- Building an Ireland of Equals

First time buyers need £20,000 deposit -Brady

Published: 29 September, 2008

Sinn Féin MLA for Newry and Armagh and DSD committee member, Mickey Brady has said it is worrying that The Co-operative Bank and Places for People in a new survey have found that the average first-time buyers believe they will need to save nearly £20,000 before they can even think about buying their own home

Mickey Brady said,

"What this survey tells us is that first time buyers have an uphill battle ahead of them if they are ever going to be able to secure a down payment for a new home. The figure of £20,000 for deposit on a new home is simply well outside of reach of many people in Newry and Armagh.


"The current situation in Newry is that many young couples are stretched beyond their financial means getting a mortgage even though they are earning two wages. Sinn Féin elected representatives across this area see on a weekly basis the impact of high house prices with constituents calling at our party offices looking for help and advice as to how to get on the waiting list for social housing. They can't afford the deposit for new homes and the mortgage repayments are well outside the reach of most young couples. Single people find it even more difficult as it's virtually impossible to purchase a new home on a single salary"

"Access to housing is a basic human right. Yet, the current housing crisis means that thousands of young people are trapped on social housing waiting lists, thousands are unable to afford to get onto the housing ladder and thousands of people are left homeless There is a clear need for the building of more affordable housing in Newry both for purchasing and renting and that needs to be at the core of housing policy in the times