First-time buyers must save for years

Soaring rents and rising house prices have increased the down payment and extended the time a first-time buyer must save to secure a mortgage — with Dublin recording the longest wait, according to major research by the Central Bank.

The study reveals big disparities across the country and highlights that in many parts of Dublin, first-time buyers have to save for years to secure a mortgage deposit because rents have risen sharply and house prices are higher in the capital.

A first-time buyer wanting to buy a three-bedroom home will have to make a down payment of as much as €76,000 in south Co Dublin, while a payment of €20,600 is required in Cork City to secure a mortgage loan.