First-Time Buyers in the Irish Housing Market: A Survey of permanent tsb First-Time Buyers
by David Duffy Amanda Quail
June 2005
ii permanent tsb First-Time Buyers: Analysis of a Survey by the ESRI
The Economic and Social Research Institute 4 Burlington Road Dublin 4 Tel: (353-1) 667 1525 www.esri.ie
permanent tsb 56-59 St. Stephen's Green Dublin 2 (353-1) 669 5000 www.permanenttsb.ie
iii permanent tsb First-Time Buyers: Analysis of a Survey by the ESRI
Table of Contents
Executive Summary 1. 2. 3. 4. 5. 6. Introduction Profile of permanent tsb First-Time Buyers Type of Dwelling Bought by permanent tsb First-Time Buyers permanent tsb First-Time Buyers and the Mortgage Market permanent tsb First-Time Buyers and the funding of House Purchase permanent tsb First-Time Buyers view of the Housing Market
References Appendix I Appendix II Survey Methodology Survey Questionnaire
1 permanent tsb First-Time Buyers: Analysis of a Survey by the ESRI
Executive Summary
This survey of permanent tsb first-time buyers was undertaken by the ESRI between
November 2004 and January 2005. Over 770 questionnaires were completed. The key findings include: The average age of a permanent tsb first-time buyer is 30 years at the time of purchase. Nearly 84 per cent of first-time buyers are aged under 34 years. The majority of first-time buyers, 62.3 per cent, are married or living with their partner. To date first-time buyers have concentrated on the new house market, over 58 per cent indicating that they purchased a new dwelling. The most frequently purchased house type is semi-detached, 39.9 per cent. Apartments accounted for just 5.4 per cent of purchases at a national level, although they represented 16 per cent of purchases in the Dublin region. First-time buyers are taking out longer term mortgages than the perceived typical mortgage of 20 years, with over 76 per cent of survey respondents having a mortgage longer than 20 years. 75 per cent of first-time buyers purchase a dwelling priced between 100,000 and 250,000 at the time of purchase. Over 65 per cent of first-time buyers took out a joint mortgage. Of these, nearly 97 per cent took out a joint mortgage with their spouse or partner. A substantial proportion of first-time buyers, just under 73 per cent, do not avail of any other source of funding, apart from their mortgage, when purchasing a home. The survey finds that only 16.7 per cent indicate that they had received a gift from their parents. Nearly half, 49.3 per cent, indicated that their mortgage repayments represented "somewhat of a burden", over 44 per cent indicated that their mortgage repayments did not represent a burden at all while 6.5 per cent responded that their mortgage repayments were a heavy burden. First-time buyers think that the moderation in house price growth will continue. The average rate of increase in house prices forecast for the next 12 months is 8.3 per cent.

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