KERRY ranks at number 11 in the country on the list for affordability for first-time house buyers on an average income.
A new report issued today by EY-DKM Economic Advisory, confirms that properties in nearly half of all counties in the Republic of Ireland are now unaffordable.
The report provides an analysis of Ireland’s housing market and it highlights the worrying trend that the lack of affordable houses for first-time buyers has moved beyond urban centres such as Dublin and Cork.
The report assesses affordability using two factors – whether first-time buyers can afford the mortgage repayments on a property based on a mortgage of 3.5 times their household income and second their ability to accumulate a sufficient deposit of 10 per cent to purchase the property.
The findings reveal that a significant barrier to home ownership for first-time buyers is their ability to save the required deposit due to a range of factors which can take over 15 years to accumulate on an average income.
In Kerry, the report finds that it takes first-time buyers on an average income 3.1 years to save for a deposit and between 2015 and 2018 property prices in Kerry grew by 8.4 per cent.
The top five affordable counties in Ireland for first-time buyers saving for a deposit are Leitrim (1.3 years), Waterford (1.6 years), Sligo (1.6 years), Cavan (1.7 years) and Longford (1.9 years).
The five least affordable counties in Ireland for first-time buyers saving for a deposit are: Meath (15+ years), Wicklow (15+ years), Kildare (15+ years), Roscommon (10.4 years) and Galway (8.3 years).
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