Irish first time buyers spread out

Bank of Ireland says it has received a 25pc higher number of first time buyer mortgage applications in Q1 of this year compared to Q1 in 2004.

The news on Irish first time buyers shows that the property market continues to race on.

Bank of Ireland Mortgages received mortgage applications worth over half a billion euro, reflecting the strengthened purchasing power of first time buyers as a result of strong wage inflation, reductions in interest rates and stamp duty obligations, the bank said.

The average first time buyer mortgage now stands at E200,000, which translates to a monthly repayment of circa E1,200.

The bank also said that the reduction in stamp duty on second hand houses introduced in the December 2004 budget has resulted in a 3pc increase in first time buyers purchasing second hand houses in the four months following the budget, up to 43pc from 40pc.
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