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The Average Dublin Deposit In 2016 Will Genuinely Scare You

By katedemolder

February 8, 2017 at 3:21pm

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The average deposit during the year of 2016 for first time buyers in Dublin was *drumroll please* a whopping €50,000 last year, according to the Central Bank.

According to 98fm, while most people who bought homes in Ireland last year had a deposit of somewhere around 20%, most first time buyers had a deposit somewhere closer to 15% of the value of their preferred home.

However, even though the percentage is on their side in terms of price, the location isn't. This meant that first time buyers in Dublin needed an average down-payment of €50,000 in comparison to half that in the country side. 

Yikes. 

Frank Conway, founder of the Irish Financial Review, told 98fm that as well as this, there are also some homeowners who can't find people to sell to:

"Homeowners who might sell or trade are finding it very difficult to find someone to buy that property because there aren't enough switcher mortgages out there, while there are other people still in negative equity who can't trade out of it."

"NAMA has a lot of suitable property out there and what homeowners and would-be homeowners would like are suitable properties were there are amenities, transportation and schools. That is going to have to come one stream."

READ NEXT: Drivers May Have To Take A Second Driving Test In Years To Come

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