Home purchases, downpayments and savings

Jane Kelly and Reamonn Lydon ()

No 02/EL/17, Economic Letters from Central Bank of Ireland

Abstract: In 2016, the typical Irish home-buyer had a downpayment of 20% of the house price – for First-Time Buyers (FTBs), the figure is closer to 15%. The median downpayment for a non-Dublin FTB in 2016 was e25,000, well below earlier peaks. For Dublin FTBs, however, downpayments have been rising steadily since 2012, reaching €50,000 (median) in 2016. Comparing Irish FTB Deposit-to-Value ratios (DTVs) with those in other European countries for the period pre-dating the Loan-to-Value (LTV) rules (2008-14), Ireland was towards the lower-end of the range – typically between 10 and 20% for most countries. The latest figures for 2016 suggest that Ireland may be moving more in-line with other countries, although maximum LTV rules are becoming increasingly common across Europe and may be impacting upon such patterns.

Date: 2017-02
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