On average first-time buyers are spending 28% of their after-tax income servicing their mortgages and they are typically two years older than their UK counterparts
The average residential mortgage loan was €308,200 in the third quarter, up 7 per cent on the year. In October the average mortgage approval rose to a fresh high of €321,000, up 8 per cent on the year, the report noted. In terms of the final price paid for properties, deals were being settled at 7.4 per cent above the original asking price – a fresh high. In Dublin the median transaction was 8.6 per cent above the asking price.