In a recent report by the Banking and Payments Federation Ireland (BPFI), the stark reality of Ireland’s housing crisis comes to light. The average income required to secure a mortgage has surged to €82,000, marking a record high. Alarming is the revelation that the average age of those seeking their first home loan has risen to 35.
Disturbingly, only one in five first-time home buyers are under 30, underscoring the formidable challenges young individuals face in entering the property market. The report discloses that the average household income for mortgage recipients stands at €82,000, securing an average mortgage of €270,000. Notably, in Dublin, where the housing demand is particularly intense, first-time buyers with an average income exceeding €100,000 are obtaining mortgages averaging €475,000.
Opposition party Sinn Fein squarely points the blame at the government’s housing policies, accusing them of driving first-time buyers into crippling debt with soaring repayment burdens. As the crisis deepens, it remains to be seen how policymakers will address this pressing issue.