It now takes up to 15 years for couple on typical income to save a home deposit – Independent.ie

Housing is now so expensive it can take up to 15 years for a couple on a typical income to put a deposit together to buy in the cities, a new report reveals.

t says that large numbers of first-time buyers are relying on funding from their parents to raise a deposit.

A report from the Irish Home Builders’ Association says records of paying rent should be part of mortgage application process.

Raising the funds for a deposit is a major barrier to owning a home.

The time it takes a couple to save for a deposit ranges from 1.7 years in Kilkenny to more than 15 years in the cities of Galway, Waterford, Cork and Dublin, and also in Wicklow.

The report found that first-time buyers who got a mortgage last year had a typical income of €71,000, with the figure 18pc higher for those in Dublin.

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