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Average age of first-time buyers now 34 as bank’s rules bite

The average age of a person buying their first home in Ireland has risen to 34 – which is five years older than what it was a decade ago, when most first-time buyers were in their twenties.

The data comes from a survey by the Real Estate Alliance (REA), a nationwide network of 55 estate agencies. It predicts that home ownership may soon be a pipe dream for young people.

In 2006, the average first-time buyer was 29. This was at the height of the boom, when property prices were, on average, one third higher than they are now.

But despite a fall in prices, the average age hit 30 in 2010 and has been rising rapidly since then. The REA blames the mortgage lending regime, including strict Central Bank rules, as well as high rents.

Read the full details in the Irish Independent

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