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Basic Income of 45k Needed For...

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Basic Income of 45k Needed For Family Home In Dublin

98FM
98FM

07:33 20 Sep 2015


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A basic income of almost 45,000 euro is needed on average to get approval for a mortgage for a three bed semi-detached house in Dublin.

The average family income needed to get approval for a first time mortgage is now far higher in Dublin than in the rest of the country.

An income of 89 and 86,000 respectively is required to get approval in Dublin City and South Dublin respectively.

It's 63,000 in North Dublin.

The average income needed in Galway City is a combined 61,000, while it's 69,000 in Cork, 39,000 in Limerick and 37,000 in Waterford.

The lowest price needed for approval is on County Longford at just 14,000 followed by Roscommon at 15,000 and Cavan at almost 17,000 euro.

A study shows that house prices here have risen by over 10% year on year, which is the second highest rate globally.

This is making it harder and harder for first time buyers to afford a house, particularly in the cities.


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