First-time buyers facing house prices €88k higher than five years ago, says report

The actual number of mortgages held around the country are well below the peak levels seen in Ireland prior to the Celtic Tiger financial crash post-2008. File photo

House prices for first-time buyers rose by €88,000 on average over the past five years, new figures show, with the average cost of a new home for new entrants to the housing market now €360,000.

The latest mortgage market profile report issued by the Banking and Payments Federation of Ireland (BPFI) shows that average prices for home-movers increased to an even greater extent over the same time period, up €109,000 to €470,000.