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What’s Available Now?

High Property Prices:

We have seen significant increases in property prices in recent years, particularly in urban areas.

This makes it challenging for first-time buyers to enter the market, as they may struggle to save enough for a sizable deposit.

Central Bank Mortgage Rules:

These can limit the amount first-time buyers can borrow.

These rules are designed to prevent excessive borrowing and reduce the risk of a housing bubble, but they can make it harder for first-time buyers to access the market.

Competition:

First-time buyers often compete with other buyers, including investors and those trading up, for the same properties.

This competition can drive up prices and make it more challenging for first-time buyers to secure a property.

Limited Housing Supply:

There is currently a shortage of available housing, particularly affordable starter homes.

This housing shortage we are facing in Ireland means there is more and more demand for every new property coming onto the Market.

Deposit Requirements:

Lenders typically require a substantial deposit, often around 10-20% of the property’s purchase price.

Accumulating this amount can be a significant hurdle for first-time buyers.

Affordability:

Even with a mortgage, many first-time buyers are finding that the monthly mortgage repayments, along with other associated costs like property tax and insurance, is straining their finances.

Credit History:

First-time buyers may have limited credit histories, which can affect their ability to secure a mortgage or obtain favourable interest rates.

Establishing good credit can be a challenge for those who have not previously borrowed money.

Legal & Administrative Processes:

Navigating the legal and administrative aspects of buying a property, such as understanding contracts, surveys, and property inspections, can be daunting for first-time buyers who are unfamiliar with the process.

Uncertainty:

Economic factors and market fluctuations can add an element of uncertainty for first-time buyers.

They may be concerned about making a long-term financial commitment during uncertain times.

Location Preferences:

Many first-time buyers have specific location preferences, such as wanting to live close to your workplace or family.

Finding an affordable property in your desired location can be challenging.

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