A new study shows the income levels needed are higher than ever before.
First time buyers now need a combined income of almost €80,000 to be even considered for a mortgage.
(Image: Pixabay)A new study by the Banking and Payments Federation shows the income levels needed to secure a home loan are the highest they've ever been, even during the Celtic tiger boom.
The income needed has risen by 6,000 in the past two years alone, up from 71,000 in 2019 to 77,000 euro last year.
Brendan Burgess founder of the consumer forum Askaboutmoney.com says there are immediate ways to reduce the cost of housing.
"The Government can, at a stroke, abolish vat on starter homes, suitable for first time buyers," Burgess said.
"Then we can abolish development levies. Then we can abolish the social housing. Developers are required to provide 10% of every new development to the local authority," he added.
"Effectively that means that the other 90% of their private purchasers are paying for those. So, they should be all abolished."
