First-timers find raising deposit easier

Niamh Hennessy

The building society survey also revealed that not as many parents of first-time buyers are helping out when it comes to getting the deposit for the property, with 19% making a contribution this year, down from 27% last year.

One-in-three first-time buyers are purchasing on their own, also, slightly down on last year.

In addition, only one-third of respondents claimed to fully understand the process of buying a house, a decrease on last year.

Dara Deering, head of EBS Mortgages said: “A growing amount of first-time buyers are telling us that buying a property is the most stressful thing they have ever done.

“Despite the stress of the process, first-time buyers are expressing their confidence in the housing market,” she added. The research also revealed that over half of respondents claim to have spent more on items for the home than they had planned, a drop of 8% since last year.

One in three respondents claim they will buy their next property within the next five years, up 4% from last year and almost double the 2003 figure.

The research also indicates that when selecting their mortgage provider, the cost of the mortgage over the lifetime of the loan was the most influential factor for 38% of participants.

One third of first-time buyers said that leisure facilities in their area were poor, which was down 11% on last year.

A quarter of respondents said that shopping facilities in the area were poor.

Some 200 first-time buyers across the country were interviewed for the survey, which was conducted by Millward Brown IMS on behalf of EBS.

The EBS also announced yesterday that following a large volume of requests from members and mortgage applicants, it is now providing 100% mortgages.

Meanwhile, EBS seminars for first-time buyers will take place in September and October across 15 locations including Killarney, Cork, Ennis, Waterford, Clonmel, Clondalkin and Tallaght. Further details are available on www.ebs.ie