As prices continue to rise, many people will be scratching their heads wondering where first-time-buyers (FTB) are coming up with the ever-increasing house deposits.
Houses have hit a median price high of €340,000 around the country, with a minimum 10% deposit needed to get access to the property market.
The average loan to value for these buyers in 2023 was 86%, meaning FTB were stumping up 14% of the price of their home as a deposit, according to figures released as part of the Housing Market Monitor Q2 2024.
According to Brian Hayes, Chief Executive of BPFI, there are three ways that house buyers are coming up with the increasing amounts needed for a deposit.
Mr Hayes said: “Today’s report also shows that the average loan to value (LTV) for an FTB mortgage in 2023 was 86%, according to the most recent Central Bank of Ireland (CBI) data, and 68% for a second and subsequent buyer mortgage.
“These are …