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While the median income for first-time buyers have increased, mortgages prices have also increased to €270,000. Alamy Stock Photo

The average age for first-time buyer mortgages reaches 35

Just a fifth of first-time buyers are under the age of 30.

THE MEDIAN AGE for first-time buyer mortgages has increased to 35 years old, it has been revealed.

New data from the Banking and Payments Federation Ireland (BPFI) found that just one-in-five first-time buyers are under the age of 30.

BPFI found that while the median income for these buyers has reached its highest level on record – €82,000 – mortgages prices have also increased to €270,000 on average.

Additionally, more than half of all first-time buyer mortgage drawdowns involve “high-value” mortgages of over a quarter of a million euro. These figures are the highest the BPFI or the Department of Housing have recorded.

Commenting on the data, the BPFI Chief Executive Brian Hayes said the report provides “important insights” into the mortgage market in Ireland and a “very clear picture of the market across many dimensions”.

Hayes added that today’s report shows that more than half of first-time buyers had loans for over a quarter of a million euro, while on household incomes of €80,000.

In Dublin, the median income of first-time buyers has surpassed €100,000, increasing by about €12,000. The data collected shows the mortgages taken out by first-time buyers in the capital now stands at €475,000 for new and €387,400 for existing builds.

Sinn Féin TD and the party’s spokesperson on Finance said the data “lays bare the impact this government’s housing crisis is having on those trying to buy a home”.

Doherty added that the increase in mortgage prices has resulted in “in first-time buyers being saddled with higher debt and higher monthly repayments”.

Loan terms have remained stable with the median loan mortgage term for first-time buyers standing at 30 years since at least the first six months of 2012.

The share of mortgages with loan terms over 30 years also remains stable at about 40% for much of that time, with the longest loan term at 35 years.