The impact of the Central Bank lending rules and rapidly increasing rents now means that it now takes up to four years to save for a deposit to get a mortgage.
Dublin buyers need up to €40,000 more for a deposit than they did two years ago. The potential buyer in South Dublin faces the steepest challenge in raising deposits and now needs a down payment of €76,000. Rising house prices are making it more difficult for new buyers to save for the deposit to satisfy lending rules. At the same time, increasing rents are eating into their hard earned savings.
The Central Bank is reviewing the mortgages caps it introduced in February last year and will announce the outcome of the review next month. Next week’s budget is also expected to announce a tax rebate for buyers of new homes, while this may be welcome news to the FTB, it may also spark a surge in property prices.
Now is a good time to get ready to present your property to the market, particularly as there is a small number of good family homes currently available yet the demand remains high. If you would like to know the current value of your property or have questions around how best to stage it prior to selling, we would be delighted to help you. Call Clare Connolly Property Consultants on +353 1 2164724 or +353 86 1618471 for a free consultation.