The average first time buyer in Ireland now stands at 33, up from 29 in the last decade. In 2005 the average first time buyer in Ireland was approximately 29 years old, but that number is now 33.
Naturally the recession has impinged on the ability of young people to afford their own homw and the lack of credit hasn’t allowed widespread borrowing like before the crash.
The new Central Bank mortgage rules haven’t help either, but REA mortgages also see a different shift in consumer choices:
I feel that first time buyers are looking for a house that they can possibly live in for life rather than having to plan to trade up. I definitely feel that there is a fear factor of not making the same mistake that family members, friends or work colleagues did a decade ago.
That means far more children are being born into rented homes, which also makes it harder for their parents to eventually buy as they have less disposable income and the banks take number of dependants into account.
Finally some commentators are honestly discussing the affect of the Central Bank’s new rules. They have hit Dublin prices and will continue to do so.
While many agents are continuing to increase asking prices, they are finding properties sticking on the market for longer as buyers have more choice and are weary of overpaying.
Our property commentator Ben Thompson of Churches Estate Agents said sellers needed to have realistic expectations but it’s not a bad thing that the market has slacken pace:
Last year  saw rapid house price growth. While that’s great for homeowners, it’s unsustainable and buyers get spooked. Better we have a steady market where people can trade up and down without rapid price swings and unrealistic expectations…
Finally some positive news out of the banking enquiry. Recovering developers Gerry Gannon and Peter Cosgrave have spoken out about the support provided by the state owned recovery agency to get them back in the building business and developing much needed new homes for the Dublin market.
Two of Ireland’s largest builders have been breaking ground again thanks to Nama financing. Gerry Gannon of Gannon Homes restarted building again in 2013 with 6 townhouses in Clongriffin to ‘test the market’ and has since gone on to build 19 more and then a larger development at Miller’s Glen in Swords (See: Inside the showhouse everyone is talking about! and Homebuyers queuing five days before new homes up for sale).