First time home seekers continue their search

First time buyers have been out in force this year and, as economists wrangle about the possible impact of the Central Bank’s proposals to change mortgage deposit requirements, they are continuing to shop.

A key factor has been the increased availability of finance. During the first nine month of this year that group borrowed €1.2bn towards the purchase of 7,437 homes.

This compares to 7,532 purchases involving the borrowing of €1.15bn over a full 12 months last year, as shown in the Irish Banking Federation figures. First-time buyers account for 50% of all mortgages, and a similar rate can be expected for the final quarter of the year.