Typical first-time mortgage now €172k
First-time buyers now have a mortgage of nearly five times the average wage.
A new report from industry lobby group Property Industry Ireland (PII) shows that at the end of September, first-time buyers typically had a mortgage of about €172,000. That is an increase of 3pc compared to the same time a year ago and up 4pc compared to the end of June.
It is also nearly five times the average wage of just over €35,000. The report confirms that house-buying is almost impossible for one person. The report implies that the new Central Bank restrictions on mortgage lending are likely to dampen down the level of mortgage drawdowns sharply in the months ahead.
The report from PII, which is part of Ibec, did not produce the data but collected it from a variety of sources such as the CSO, Daft and property agents.
Economic consultants DKM compiled the report.