Why three-bedroom semis in Cork are now pushing the 500,000 euro mark

Average FTB spend was €435,000

DESPITE the chronic housing shortage, figures for the first nine months of the year show first-time buyers drawing down mortgages to buy almost 1,100 more properties than they did in the same period last year.

Banking and Payment Federation Ireland (BPFI) figures for the first three quarters of 2025 show that first-time buyers borrowed €6.131bn for the purchase of 19,286 properties. This represents an increase of 1,093 in volume and €795m in value on last year.

Notable trends, which can be seen in the figures, include an increase in volume of mortgages on new properties and increase in value on second hand ones.

The figures for this nine-month period show first-time buyers purchasing 1,098 more new properties than they did in the same period last year. Borrowing €2.519bn for the purchase of 7,548 new properties, they spent €495m more and had an average borrowing figure of slightly more than €333,600.

In the first quarter of the year, the BPFI reported that the average first-time buyer mortgages on second-hand properties had exceeded €300,000 for the first time since records began.

The figures for all three quarters show first-time buyers drawing down mortgages for the purchase of 11,738 second- hand properties to a value of €3.611bn. This gives an average mortgage figure of around €307,600.

During the same nine-month period last year, the number of mortgages taken out was very slightly higher, by five, while the borrowing was €304m less and the average mortgage was in the region of €281,600.

In September this year, the BPFI reported that the €1.2bn borrowing for all new properties in the third quarter was at its highest level since 2007 — an increase driven mainly by first-time buyers.

It also noted that the €1.4bn figure for first-time buyer borrowing for second- hand properties in this quarter was at its highest level since the data series began.

Cork auctioneers selling new properties in Cork reported very high levels of first-time buyer demand for properties costing up €500,000.

Sherry FitzGerald’s new homes division in Cork say that first-time buyers bought 80% of 500 new homes they sold up until December.

“The majority of these availed of the help to buy scheme and 30% of the first home scheme,” says auctioneer Rachael O’Leary, who estimates that the average first-time buyer spend was €435,000.

“One of our most popular developments with FTBs [first-time buyers] was Arderrow in Ballyvolane, where we had 70 sales so far this year,” says Ms O’Leary, noting that prices in Arderrow ranged from €430,000 for a three-bedroom terraced house to €475,000 for a three-bedroom semi.

Another development popular with first-time buyers was the Lake View in Midleton, where Sherry FitzGerald homes had over 80 sales to date. Ms O’Leary says this offered three-bedroom terraced houses for €425,000 and three- bedroom semis for €450,000.

Savills in Cork say first-time buyers accounted for 85% of all new homes sales.

“A particular success was the sale of all 96 apartments in The View at Castletreasure, Douglas — which were mostly bought by FTBs,” reveals auctioneer Elizabeth Hegarty, observing that there were some of the most affordable new properties available in the Douglas area this year. The development, which offered one-bedroom apartments starting at €265,000 and two-bedroom ones starting at €355,000, sold out in a few months.

Savills also reported strong first-time buyer demand for three-bedroom semis costing €475,000 in a newly launched development at Carlton, also at Castletreasure in Douglas.

“Other developments which were popular with FTBs included Rose Hill in Mallow, Heathfield in Ballincollig, as well as Rock Gate in Midleton,” says Ms Hegarty.

In the second-hand market in Cork City, auctioneers say first-time buyers struggled to find properties within their price range and also reported that the high level of demand, coupled with the supply shortage, led to rising prices.

“We saw a lot of properties being sold by investors who are exiting the market being snapped up by first-time buyers, who accounted for 50% of purchases during the year,” says Michael Downey, of ERA Downey McCarthy.

In his experience, first-time buyers typically spent in the region of €300,000 to €400,000: “Those with lower budgets bought apartments and terraced houses but some first-time buyers with higher budgets spent up to €500,000 three-bed semi in good areas.”

He estimates prices have risen by 10% since the start of the year and says this is making it very difficult for young buyers to find affordable properties.

Similar trends were observed by Kevin Barry of Barry Auctioneers, who estimates that 54% of the properties his agency sold were purchased by first-time buyers and says that the average spend for first time buyers purchasing properties from the agency was €426,987.

“The properties in highest demand by FTBs were three and four bed-semis and we saw buyers spending up to €350,000 on apartments and up to €500,000 on semi-detached houses.” says adding that some went considerably higher and that one first-time buyer spent €750,000 on a three-bed semi in Blackrock,” he said.