More evidence of ‘soft landing’ for property market

Affordability has remained stable for the average first-time buyer working couple in Ireland throughout 2007, according to the latest EBS/DKM Affordability Index, published by Irish Property Buyer magazine.

The report claims that during the past eight months, there has been little change in the relative costs of a new mortgage for this social group: a slight decline in house prices off-set the recent mortgage rate hike, which has left first-time working couples spending a consistent 24% of their net income on mortgage repayments since January.