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First-time buyers in Laois saving four years on average for a housing deposit

Laois has ranked 19th of a list of 26 counties for affordability for first-time buyers.

According to a new report issued today by EY-DKM Economic Advisory, between 2015 and 2018 property prices in Laois grew by 14.1 percent, the strongest growth in the country, while Sligo experienced the weakest growth at 3.9 percent.

Nearly half of all counties (46 percent) in the Republic of Ireland are now unaffordable for first-time buyers on an average income.

The report titled: ‘Just how affordable is housing for Ireland’s first time buyers?’ provides an analysis of Ireland’s housing market.

In Laois, the report finds that it takes first-time buyers on an average income four years to save for a deposit.

The Dublin commuter counties of Wicklow, Meath and Kildare top the results as the most unaffordable when it comes to saving for a deposit, with an average of 15+ years required to save 10 percent.

Roscommon follows closely behind at 10.4 years while, in contrast, first-time buyers in Dublin are required to save for 4.3 years.

Leitrim is the most affordable county, with a little over one year required to achieve a 10 percent deposit.

The report assesses affordability using two factors; whether first-time buyers can afford the mortgage repayments on a property based on a mortgage of 3.5 times their household income, and second, their ability to accumulate a sufficient deposit of 10% percent to purchase the property.

First-time buyers in Laois were found to have a mortgage to income ratio of 3.3.

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Siún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics.