First time buyers face €50,000 deposits in Dublin

A whole generation is struggling to 'get on the property ladder'...

New figures from the Central Bank show that the median value for a deposit for first time buyers in the capital has risen to an intimidating €50,000.

That's up from close to €30,000 just four years ago. Outside of Dublin that figure halves, falling to €25,000 - which is well below peak levels.

The Central Bank said that the average buyer had a 20% deposit last year - while first time buyers had deposits closer to 15%.

This data also shows that some 20% of home buyers received an inheritance payment before buying their property and these windfalls accounted for half of the total deposit.

Ireland's median deposit level is towards the lower-end of EU averages according to Jane Kelly and Reamonn Lydon's report.

It comments that, "Savings and inheritance patterns are remarkably similar across most [EU] countries."

In November of last year Ireland's mortgage deposit rules were altered. The Central Bank modified its lending rules so that first-time buyers would only have to save a 10% deposit, regardless of the house price, from January 1st.

The requirement to have a 20% deposit for properties above €220,000 introduced in February 2015 was done away with in an effort to help people looking to but their first house.

It came as house prices continued to rise across the country.