Increase in first-time buyer activity

THERE has been a “significant increase” in activity in the first-time buyers market lately as an average deposit required for a house drops from €32,000 to €20,000.

According to Cork solicitors Keith Flynn & Company, many of their clients who have been “sitting on the fence” for the last 12 months are now making offers on houses and have been approved for finance.

They said the average loan in Cork city for a first-time buyer is now under €180,000, which is a reduction of 56% on the average loan in 2007, when first-time buyers were paying €317,500 for their first home.