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NEW RESEARCH HAS found that changes in the housing market are likely to have more of an impact on the economy in Ireland than in other countries.
The study also provides proof that people will reduce their spending while they clear outstanding debts.
The latest report from the Economic and Social Research Institute (ESRI), entitled ‘Consumption and the Housing Market: An Irish Perspective’, reveals that a reduction in debt levels is most likely to occur in households that have the money to do so, resulting in a slowdown in consumption.
Less well-off households are likely to be unable to pay off any debts, and so find it difficult to deleverage, the research suggests.
While this may seem obvious, the households with money are the ones who are usually expected to be spending and boosting the economy.
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“Crisis”
“The recent financial crisis has highlighted the relationship between the Irish housing market, real economic activity and key fiscal variables,” said Kieran McQuinn, ESRI economist and one of the authors of the report.
“Micro-level information provides rich insights into the nature of these relationships, particularly in light of the financial crisis.”
The report highlights that changes in ‘housing wealth’ have a relatively large impact on how much we spend in comparison to other countries.
This suggests that it will have a significant impact on the real economy.
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Pictures for these articles are always out of touch with reality for 99% of its readers. No typical house or apartment has these “problems”. My bed is 2m long and fits right under the window. That gives some great space in front of it between door and bed side. The bed base has 2 storage boxes which are a good investment on top of a regular bed base which just takes up room.
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