Bank warns rules will hurt first-time buyers

The chief executive of Ulster Bank, Jim Brown, has warned that the new Central Bank rules on 20% deposits will weigh on the ability of first-time buyers to get on the property ladder.

Speaking before the Oireachtas Finance Committee, Mr Brown said “a rebound in property prices following a crisis is not unusual and we recognise the need for the Central Bank to take steps to avoid overheating both the credit and property markets.

“However, the proposals as they stand, will impact the ability of many first-time buyers to acquire their home, in addition to this, other hopeful first-time buyers will struggle to save a higher deposit while paying increasing rents,” he said.