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People are saving for longer and longer. Sam Boal

The average age of first-time home buyers is going up and up

It’s even increased over the last year.

THE AVERAGE AGE of first-time home buyers is now 34, according to a group representing estate agents.

This average age has jumped from 29 in 2006 and even from 33 just 12 months ago says the Real Estate Alliance.

The REA blames a number of factors for the delay in young people buying houses, saying that they are being priced out above a certain level.

“A definite two-tier system has emerged over the past year nationwide, with €160,000 emerging as the breaking point for interest from buyers in that age group, ruling out most properties in Dublin,”  REA chairman Michael O’Connor said this morning.

O’Connor also says that another factor pushing up house prices, especially in rural areas, is an increase in foreign-born nationals living in Ireland who are now buying homes.

In areas such as Carlow, REA agents are reporting that 30% of first-time buyers are now from eastern Europe, a percentage that has grown rapidly over the past two years.

The REA has been vocal in calling for the Central Bank to row back on its mortgage deposit rules with O’Connor describing them as “over-restrictive” and causing a “two-tier system”.

“The introduction of the Central Bank’s requirements, combined with higher rents, has made it increasingly difficult for young people to save deposits, especially in Dublin,” he argues.

“House ownership is now off the table for many couples earning average salaries, with their only hope of purchase now coming from an injection of outside help, usually from close relatives.”

Under the Central Bank rules introduced last year, borrowers are expected to arrive to market with at least a 20% deposit saved for the value of the house they hope to buy. For first-time buyers the rules are slightly more lax, with just 10% of the first €220,000 required, and 20% thereafter.

The REA says it welcomed the rules at the time but that they are now “not reflecting” the market.

Read: Rents are getting so high that there’s “little chance” of saving for a house >

Read: House prices are rising all across the country – and will keep going up >

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    Mute Brian Dunne
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    Jul 1st 2024, 10:27 AM

    Stevie Nicks, now there is a star.

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    Mute Molly Mal
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    Jul 1st 2024, 5:28 PM

    @Brian Dunne: as she says herself, nowhere near as talented as Taylor.

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    Jul 1st 2024, 10:17 AM

    Does the Journal sponsor Taylor Swift or something? Half the articles lately are all about her.

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    Mute Sal Paradise
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    Jul 1st 2024, 10:59 AM

    @Paul O Connor: The algorithms are telling them that lots of people are clicking on the articles so they give the people what they want.

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    Mute eoin fitzpatrick
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    Jul 1st 2024, 11:54 AM

    @Paul O Connor: the concerts were quite a big deal, she’s the biggest star in the world right now

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    Mute Alan OConnor
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    Jul 1st 2024, 10:27 AM

    Patted on the head and now we all feel great while she flees with a fortune.

    Will be barely remembered in fifty years.

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    Mute Clare Power
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    Jul 1st 2024, 1:08 PM

    @Alan OConnor: You’re comment won’t be remembered tomorrow..

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    Mute Rochelle Hart
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    Jul 1st 2024, 1:09 PM

    @Alan OConnor: If an artist is even barely remembered in 50 years then they’ve made a huge impact in their career.

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    Jul 1st 2024, 11:32 AM

    Oooooh celebrities!!!!

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    Jul 1st 2024, 3:46 PM

    Some people in this country hate to see people be entertained …I think it’s called begrudgery ?

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    Mute James Hanley
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    Jul 1st 2024, 8:14 PM

    Stevie Nicks, especially with Fleetwood Mac, was a far superior songwriter and singer to Taylor Swift. Swift’s lyrics are vacuous, banal, and formulaic – all appropriate enough for the superficial, dumbed-down age we live in now. But with shrewd marketing, a very mediocre performer can become very rich, as Swift has become. Money, not music, is king in the 21st century!! Now, where is my private jet? !!

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    Jul 1st 2024, 12:40 PM

    OMGOMGOMGOMGOMG! I can’t wait for Godspeed You! Black Emperor

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    Jul 1st 2024, 4:23 PM

    @Alan Kennedy: LOL! Lift Your Skinny Swifts to Heaven! Can’t wait too!

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    Jul 1st 2024, 9:11 PM

    @SerotoninWars: They don’t sleep on the beach anymore!

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    Jul 1st 2024, 9:53 PM

    @Alan Kennedy: That whole album is a masterpiece!

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    Jul 1st 2024, 11:41 PM

    @SerotoninWars: I’ll never forget the 1st time I seen them, Red Box about 14 years ago? Brilliant night!

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