Debate contribution: First-time Buyers: Support

Debate contribution by Ms Cara Hunter on 3 February 2025.

MLA

Ms Cara Hunter

Party at the time

Social Democratic and Labour Party

Date

3 February 2025

Type

Debate contribution

Business

Opposition Business

Heading

First-time Buyers: Support

Assembly identifier

Official Report component 4774663

Read the official Assembly record

Text

Thank you, Mr Deputy Speaker. I thank Members from across the House who have contributed to this important debate. Housing is a shared aim of us all. I recognise that it has been a good opportunity to promote and provoke a discussion on housing in our communities. I will reiterate the experience of many across the North who are seeking to buy their first home. For too long, young people and families have faced unnecessary hurdles when trying to secure a family home. The Government have ignored the crisis that is unfolding in our housing market. So many people whom I meet in my Coleraine constituency office work days and nights — often in two to three jobs — but the rightful dream of owning their own home is so far away. As someone who is under 30 for the next year, I feel strongly about the young people who are keen to work hard, get on their feet and build a life for themselves and their family but are overlooked. They need increased support. Several of my friends, when they were approaching buying their first home, were heavily reliant on their parents, grandparents and family to gather a deposit, and those are the ones who were lucky enough to have familial support. So many others feel that the dream of owning a home is now dead. Sadly, they would much rather get out of Northern Ireland and save to go to Australia instead of putting roots down and growing their families here. That is the sad reality for so many. Mr Gildernew spoke well in accurately acknowledging the cost-of-living crisis and highlighting the fact that it has put incredible pressure on families and young people who are seeking to build a life for themselves. I am contacted every day by families who are being crushed by the rising rents and bills. Many young people, as Ms Mulholland rightly mentioned, live with their parents. They do not want to rent, because they want to save for a house, but, while they are doing so, they feel that they are missing out on the joys of being 25, 26 or 27. I note that the lack of available housing is an issue north and south of the border, which, no doubt, contributes to a lack of well-being. We are really in the middle of a housing affordability crisis. The average house price in Northern Ireland far exceeds what many first-time buyers can afford. Wages have not kept pace with house price inflation, and the cost-of-living crisis has made it increasingly hard to save for a deposit. There is much that we can do to support young people who are stuck in rental cycles with no clear path to homeownership. We need meaningful reforms and real solutions to tackle that. With rising interest rates, mortgage affordability has become an even bigger challenge. Many families with whom I have spoken feel smothered by their mortgage, particularly when they are paying for things such as childcare on top of that. Recently, I spoke to a couple who had saved a deposit for a home. The first phase of homes had been affordable, and they were waiting for the second phase to be finished. In that time, the house price went up between £10,000 and £15,000. Builders face increased financial challenges in building affordable homes, and we should acknowledge that. Families are under significant stress, and it is locking more people of all ages out of the housing market. An important thing to acknowledge that has been reiterated across the House and of which we have a shared understanding is that our big failure is the availability of social and affordable housing. Waiting lists continue to grow, and private rental costs are soaring, making it even harder for first-time buyers to save. What needs to come out of the debate is a commitment to building more affordable homes and to having a plan to ensure that everyone in Northern Ireland has a fair chance of homeownership. It is also important to acknowledge that there are many hidden costs when you buy your first home. Young people are not always aware of those costs, such as legal fees, taxes and survey costs, which quickly add up. The Executive could do more around that. They should do everything that they can to challenge rising costs and regulate them. I feel strongly that we can do more to support first-time buyers and ensure that we do not fail the next generation. If we really want Northern Ireland to be a place that our constituents are proud to call "home" and to build and grow the next generation in, we must do much more. Until then, we need to continue to have the conversation about how we can support first-time buyers.

802 words. Text as published by the Northern Ireland Assembly.

Assessment

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Assessed 21 October 2026 at 11:55 UTC by jev-1.13.0 (requested as typesafe/jev) under rubric 2026.10-r9, methodology 1.9.

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