First-time buyers are responsible for nearly half the new homes purchased in the State each year, according to a survey published today.
The study of first-time buyers was undertaken by Sherry FitzGerald with a view to understanding trends in the market.
The survey revealed 41 per cent of first time buyers ranked price as their most important consideration in their choice of property. A further 38 per cent stated location while 11 per cent cited the size of the property as being the most important.
Meanwhile, just over half of first time buyers, 56 per cent, chose a mortgage for more than 90 per cent of the value of their property.
A third stated that their mortgage was between 71 per cent and 90 per cent of the value of the property purchased.
Almost half of those surveyed stated they sourced the deposit for their property though personal savings. A further 20 per cent said it was a combination of savings and a gift while only 15 per cent said they had received the deposit as a gift from their families.
"The combination of such statistics and the evidence of relatively moderate loan to value ratios bodes well for the future financial stability of the market," said Marian Finnegan, Chief Economist at the Sherry FitzGerald Group.