What every first-time buyer needs to know before putting in a bid
‘First-time buyers used to be mid-20s, not long out of college. But they’re much older now'
The introduction of Help To Buy and an overall rise in development means first-time buyers have more choice now than they would have had in the recent past, and bidding isn’t as frenzied
They are aged about 34, earning about €69,000 if they live outside of Dublin, and €81,000 in the capital, and looking to buy a new home in Dublin 15, Dublin 24, Kildare or Cork. They’ve saved a deposit of €37,000 for their home outside of Dublin, or €52,000 if they are buying in the city, although this can be reduced thanks to Help To Buy.
This is today’s first-time buyer, and they’re driving growth in the Irish property market. According to Dermot O’Leary, economist with Goodbody Stockbrokers, 71 per cent of the growth in mortgages last year was down to first-time buyers. “They’re the key driver of growth in the overall mortgage market.”