The requirement for up to 20% deposits in order to take out a mortgage for a house is one of the key reasons for the more than doubling in value of savings in Ireland during 2015, according to one of the country’s leading estate agencies.

The latest CSO figures showed that gross savings jumped in value to over €9.1bn last year from €4.4bn in 2014.

According to John McCartney, Research Director with Savills Ireland, the most likely explanation for the savings surge is that first-time buyers and their parents, who are trying to help them, are saving more to fund a move on to the property ladder.

"Since the start of 2015, new mortgage rules mean that home buyers can borrow less ... Therefore, they have to save bigger deposits. In this context, it is not surprising to see a rise in household savings," Mr McCartney commented.

He added that parents are becoming increasingly involved in helping their offspring to buy their first properties.

The Central Bank has indicated that it will carry out a review of the existing mortgage rules at the end of this year.

The CSO commented that the increase in savings was helped by an increase of over €8.1bn in the gross disposable income available to Irish households.