IRISH home hunters are expected to spend around 4.7 years saving for an average deposit.
The median price of a home bought in the 12 months to December 2024 was €355,000 with prices rising 8.7 per cent year on year, CSO figures revealed.
First-time buyers accounted for 57 per cent of the mortgage market and the average first-time buyer drawdown was €313,547.
Longford, Leitrim, Donegal, Mayo, Roscommon, Tipperary, Limerick, Monaghan, Cavan and Sligo were identified as the most affordable counties for joint first-time buyers, the Switcher.ie research revealed.
In contrast, Dun Laoghaire, Wicklow, South Dublin, Fingal, Louth, Dublin City, Galway city, Kildare, Meath and Waterford are among the 10 least affordable places.
Here, Danielle Russell Masterson investigates the most attainable areas for joint buyers and sole buyers.
LEAST AFFORDABLE FOR JOINT BUYERS
SWITCHER.IE’S Affordability Index assesses the cost of housing, as well as the average earnings of people in those areas, to reveal the most affordable areas for sole and joint buyers separately.
Areas in the capital were the most out of reach for first-time buyers, with Dublin’s overall average deposit saving time around 8.3 years.
Dun Laoghaire ranks as the least affordable location for mortgage seekers, forcing a couple to save for a staggering 21.4 years with a median joint income of €95,908 for a property worth €609,999.
Wicklow, South Dublin, Fingal, and Louth follow closely, making them the most challenging regions for joint buyers.
With a median joint income at €90,024 in Wicklow, it would take a couple 10.7 years to save for a €450,000 FTB property.
The median joint income for South Dublin was found to be €95,908, Fingal was also €95,908 and Louth was €79,452.
Commercial Director of Switcher.ie, Eoin Clarke added: “Unsurprisingly, areas in and around Dublin were least affordable for sole and joint buyers – with areas like Dun Laoghaire-Rathdown and Wicklow just a pipe dream for many sole purchasers.”
AFFORDABLE FOR JOINT BUYERS
When it comes to affordability, Longford was ranked the most affordable place for joint first-time buyers.
Money experts said it would take just 1.7 years to save the minimum 10 per cent deposit.
Leitrim, Donegal, Mayo, and Roscommon joined Longford in the top five most affordable counties for home buyers.
Mr Clarke added: “Couples earning the average salary in Leitrim could save for a mortgage deposit in one year and nine months, in Donegal around two years, and in Mayo and Roscommon it could take two years and two months.
“Our research showed that the most affordable places for first-time buyers were not necessarily the areas with the lowest house prices.
“Although cheaper property prices help, having a comparably higher income makes your mortgage more affordable, and deposits take less time to save.”
SOLE APARTMENT BUYERS
Roscommon, Longford, Leitrim, Limerick, and Sligo proved most affordable for sole buyers, with an apartment in Roscommon averaging €92,500 in 2023.
Mr Clarke said: “If buying alone, it would take between 2.5 years and 3.4 years to save for a deposit in one of these areas if earning the average in the county.”
Dun Laoghaire, Dublin, Wicklow, Galway, and Kildare were most out of reach for sole apartment buyers.
With an apartment in Dun Laoghaire averaging €523,288 it could take a resident on the average salary for that area up to 88.5 years to save for a deposit.
GRANTS
Many first-time buyers rely on help-to-buy schemes and grants, which often require them to purchase a newly built home.
Some 63 per cent of Ireland’s new builds were completed in the 10 most expensive regions during 2024.
And the cheapest 10 areas only attracted 11 per cent of new dwellings.
Mr Clarke said: “Our research revealed a correlation between areas with the highest house prices and the number of new builds in 2024.
“This means the type of housing that qualifies FTBs for many help-to-buy schemes has been built in the most expensive areas, with affluent areas in and around Dublin attracting the lion’s share of new builds in 2024 and places like Longford, Donegal and Leitrim only seeing a fraction.”
THE MARKET
Mr Clarke said that in many circumstances buying with someone is the “only way to get on the housing ladder”.
He said: “To boost their chances of mortgage approval, first-time buyers should invest time in learning about mortgages and begin saving and preparations early.”
CSO Statistician Niall Corkery added: “In the 12 months to January 2025, house prices in Dublin rose by 7.9 per cent while apartment prices increased by 6.1 per cent.
“The highest house price growth in Dublin was in Fingal at 9.5 per cent while Dun Laoghaire-Rathdown saw a rise of 6.4 per cent.
“Outside Dublin, house prices were up by 8.9 per cent and apartment prices rose by 5.0 per cent.”
He said areas outside Dublin with the biggest growth were Cavan, Donegal, Leitrim, Monaghan, and Sligo.
