Housing

First-time buyers dipped further into savings avoiding loans to secure homes in 2022 - BPFI

House prices have risen at a faster rate than mortgage values, data shows

The median value of properties purchased by first time buyers in the second half of last year was €320,000, up €35,000 since 2020, according to the Banking and Payments Federation

Property prices have increased at a faster rate than mortgage values over the past two years, indicating first-time buyers opted for a more “prudential approach” to borrowing.

New data released by the Banking and Payments Federation (BPFI) has shown that there has been a “​​sharp rise” in residential property prices in recent years.

The mortgage market profile report added first-time buyers are using more of their savings to meet the price increases, rather than draw ...