Whether you’re look to rent or buy property in Ireland these days, there is simply no easy answer.
A report in today’s Irish Examiner reveals that the average first-time homebuyer in Ireland has to cough up deposits of roughly €50,o00 to get themselves a place.
The report, based on the housing affordability index by EBS and DKM economic consultants, also points out that the average cost of a mortgage for a first-time buyer comes in at roughly four times the deposit at €196,530.
Consultant Ciara Morley told the Examiner that “We are seeing an upward trend in the proportion of disposable income required to fund a mortgage for first-time buyers over the last two years and we expect that proportion required to continue to rise.
Mortgage repayments are also putting a considerable financial burden on new homeowners, with couple’s expected to pay 29.2% of their monthly takehome earnings to finance the repayments.
This news follows other reports of significant increases to the cost of housing outside of Dublin.
