People buying properties are getting older.
According to a new report from the Central Statistics Office (CSO), the median age for joint purchases increased from 35 in 2010 to 38 in 2019, while the median age of sole purchasers rose from 34 to 42 years over the same period.
The report, Characteristics of Residential Property Purchasers 2010-2019, showed that the highest median price paid by joint purchasers was €565,000 in Dún Laoghaire, while the lowest was €130,000 in Leitrim.
The median income of a joint purchaser was €81,500 in 2019, compared to a sole purchaser where the median income was €42,600.
The report also revealed that nine in ten people giving an address in Cork at the time of purchase bought a property in Cork – the highest proportion in the country.
“When it comes to the age at which we buy our homes it will come as no surprise to many that we are getting older, perhaps what might surprise people is by how much.” said Joey Sheahan, Head of Credit MyMortgages.ie on the South Mall.
Saving a deposit ‘increasingly difficult’
“By 2019, joint purchasers were now on average three years older than they were in 2010, while the change for sole purchasers was significantly more dramatic – from a median age of 34 to 42 in the same period.”
Sheehan says the CBI lending rules have “undoubtedly” had a role to play: “So too has the increasing cost of rent in this country. Trying to save the necessary deposit becomes increasingly difficult the more money you have to shell out on rent on a monthly basis.” he said.
While the report throws up some interesting findings, Sheehan hopes it doesn’t dissuade people from saving to buy their own home.
“Just because the average age for joint buyers is 38 and the average income for same is €81,500, does not mean you are precluded from becoming a homeowner if you and your partner are younger and earning less money.” he added.