The average first-time buyer mortgage surged by over €24,000 to a record high of €319,000, with ongoing property price increases generating challenges for new buyers.
With property prices increasing by 9.7% year-over-year, the average cost of residential property is now €429,000, equivalent to 8.6 times the annual income, putting immense pressure on buyers.
Experts suggest Irish house prices are overvalued by around 10%, with predictions of continuing price increases amidst a severe shortage of available homes, which perpetuates affordability issues.
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