More first-time buyers are getting a foot on the housing ladder this year, according to new figures from real estate agents’ association NVM.
In total, its members sold properties to 28,000 first-time buyers in the six months to the end of June, up 1,200 on the same period last year.
First-time buyers also accounted for 45% of all purchase agreements, compared with 40% in 2021, the NVM said. They have taken the place of both investors buying property to rent out and people moving to a new property.
Pay rises, falling house prices and more generous rules on borrowing have helped starters enter the market, the NVM’s Lana Gerssen said.
First-time buyers paid an average of €329,000 for their home in the first quarter of this year, compared with €369,000 when the market was at its peak last summer.
However, house prices rose again in the second quarter and the average price now paid is €339,000, the NVM said.
Three in five first-time buyers have been able to take advantage of government rules allowing them to avoid property transfer tax if they are under the age of 35 and buying a property costing less than €440,000.
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