Sir, – News that the Central Bank is to ease lending rules – in a way that will benefit older homeowners – is both welcome and overdue (‘Mortgage rules for short-term bridging loans eased to help home buyers,’ Business, April 8th). Thousands of people over 50, many of them mortgage-free, would willingly “right-size” into more suitable homes, freeing up larger family houses for younger generations. But until now, they have been locked out by the lack of access to short-term bridging finance.
Ireland is facing a profound demographic shift. Within 15 years, more than one in five people will be over 65, while the over-50 population is set to exceed two million. Research from the Economic and Social Research Institute shows 67 per cent of Irish homes are under-occupied, double the EU average. This represents 88 per cent of all those over 65, with significant implications for maintenance and running costs.
Cohousing offers one solution to the housing crisis. Widely established across Europe and North America, it typically involves small, self-managed communities of 30 to 50 homes where residents have their own front door but share amenities such as gardens, common rooms and guest spaces. It provides a viable alternative to both isolation and inappropriate housing, enabling people to right-size while remaining socially connected and independent.
With the right support from Government, local authorities and lenders, cohousing could play a meaningful role in addressing Ireland’s housing challenges, while supporting people to age well.
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The Central Bank’s move has the potential to remove a significant barrier. Its success, however, will depend on how lenders respond. Banks must step up to provide accessible, fairly priced bridging finance tailored to older borrowers who are seeking to move, not to speculate.
And the Government must play its part by recognising cohousing as a distinct housing model and supporting it through appropriate policy and zoning. – Yours, etc,
ANNE CONNOLLY,
Cohousing Communities Ireland.
