First-time buyers on average incomes can't afford a house in half of counties
First-time buyers on average incomes can not afford to buy a house in half of the counties in Ireland.
That means it would take buyers in counties like Wicklow, Kildare and Meath 15 years to save the 10% deposit for a home.
But according to a report by EY DKM Economic Advisory, it would take people in Leitrim just over a year to save the deposit.
The report found that the five most affordable counties are:
- Leitrim
- Longford
- Sligo
- Cavan
- Tipperary
Meanwhile, the least affordable counties to buy a home in are:
- Wicklow
- Kildare
- Meath
- Dublin
- Galway
Spokesperson Annette Hughes says the study shows that affordability is moving outside big cities and towns.
"The worrying trend is that the affordability is an issue that is moving outside of the urban areas," said Ms Hughes.
"We were quite surprised when we discovered that probably about half the country, about 11 counties, are classed as unaffordable."
The study concluded that the findings suggest "that all of the major urban areas of Ireland are becoming increasingly unaffordable, with deposits taking many years to accumulate. "
You can read the full report here.
