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Home purchases, downpayments and savings

Author

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  • Kelly, Jane

    (Central Bank of Ireland)

  • Lydon, Reamonn

    (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.

Suggested Citation

  • Kelly, Jane & Lydon, Reamonn, 2017. "Home purchases, downpayments and savings," Economic Letters 02/EL/17, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:02/el/17
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    File URL: https://centralbank.ie/docs/default-source/publications/economic-letters/economic-letter-vol-2017-no-2.pdf?sfvrsn=6
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    Cited by:

    1. Lawless, Martina & Lynch, Donal, 2017. "Gifts and inheritances in Ireland," Papers WP579, Economic and Social Research Institute (ESRI).
    2. Kelly, Jane & Le Blanc, Julia & Lydon, Reamonn, 2018. "Pockets of risk in European Housing Markets: then and now," Research Technical Papers 12/RT/18, Central Bank of Ireland.
    3. Lydon, Reamonn & McCann, Fergal, 2017. "The income distribution and the Irish mortgage market," Economic Letters 05/EL/17, Central Bank of Ireland.

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