New mortgage customers now need significantly higher incomes to buy a home compared to when property prices peaked more than a decade ago, according to new analysis from the Banking and Payments Federation of Ireland (BPFI).
The organisation’s latest Mortgage Market Profile report, 13% of first-time buyer mortgages and 7% of relocation mortgages with incomes of up to €60,000 were obtained last year, compared to 51% and 28% respectively in 2005.
RTE reports that it found that the average total household income of first-time buyers increased from €71,000 to €77,000 between 2019 and 2021.
It’s understood that the average circulation in 2021 in the first-time buyer segments of new and existing movers reached record levels and the average loan for a new move was only around €4,000 less than in 2008.
Tell us your thoughts in the Facebook post and share this with your friends.