First-time buyers forced to borrow thousands of euro more to secure a home as house prices surge

Rising house prices are forcing first-time buyers to borrow more to afford a home.

There was an increase in the ­number of first-time buyers approved for a ­mortgage in January despite a fall in the overall home-lending market.

The average first-time buyer mortgage approval value has also risen by €14,519 in the past year to €289,971 as housing prices continue to rise, the ­Banking and Payments Federation Ireland (BPFI) said.

The median price of a dwelling ­purchased in the 12 months to last ­December was €327,500, separate Central Statistics Office (CSO) figures show.

Read the full details in the Irish Independent

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