Typical income of first-time buyers of new homes in State above €90,000 via IrishTimesBiz
The BPFI’s report looked at the profile of borrowers, their loans and property types and how this has changed since before the pandemic.
This was indicative of “a more prudential approach by borrowers” and reflected increased savings during the pandemic, the banking group said.The median value of properties bought by mover purchasers last year was €445,000, up from €367,000 in 2020 while the median value of loans taken out by this category of buyer was €395,000. Mover purchasers tend to purchase more expensive homes and have larger loans, the BPFI said.
The report noted that first-time buyers continued to dominate the mortgage market, accounting for 14,018 of 30,739 mortgage drawdowns in the second half of 2022, the highest semi-annual volume since 2007. However, the BPFI said the increase was mainly driven by a 153 per cent jump in switching “as mortgage customers responded to the European Central Bank’s interest rate increases from July 2022″.First-time buyers continued to dominate, accounting for just under half the drawdowns.