Prices too high for average earners

A couple on the average industrial wage will need to raise as much as €163,000 on top of their mortgage to buy a house in Dublin, according to a survey by The Sunday Business Post.

21st October, 2006

The newspaper asked the country’s main banks how much they would lend to two first-time buyers who earned €30,500 each. National Irish Bank (NIB) offered the couple the least amount – €250,000.

Based on the average Dublin house price as it stands (€413,000), the couple would need to raise €163,000 to buy a house.

To afford the national average house price (€306,000), the couple would need €56,000. EBS Building Society offered the couple...

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