The Sunday Independent mentioned Irish Mortgage Brokers in their article yesterday. We were making the point that being ‘middle class’ today means less than it did in the past when it comes to housing.
Karl Deeter, of Irish Mortgage Brokers, argues that today’s middle-class lack the conventional trappings of previous generations.
“Many have been badly hit with negative equity property, others are unable to save the 20pc deposit that the Central Bank demands. Their cost of living is very high, their wages haven’t improved in real terms. They’re facing huge rent hikes. They pay an awful lot of tax.
“And yet the Government thinks they will have somehow been able to save for a 20pc deposit [to buy a home]. Where do they think the money is coming from? They’re the group that have been hit hardest. They can’t rely on State help like those below them can, and they can’t avail of the sort of tax arrangements that the elites can. They’ve borne the brunt of the recession and they’re bearing the brunt of this so-called recovery.”