Longford is the most affordable area for first-time buyers

Longford has been identified as the most affordable location for first-time home buyers in Ireland. In contrast, Dún Laoghaire, a suburban area in Dublin, has the highest property prices. A couple looking to buy their first home now needs almost five years to save for a deposit, according to a report from Switcher.ie. This report also highlights that property prices are rising at the fastest rate in eight years. Buying in Longford requires about 1.7 years of saving for a deposit, a decrease from 2.6 years last year. In Dún Laoghaire, however, it could take a staggering 21.4 years to save enough for a deposit, down from nearly 28 years last year. Switcher.ie based their calculations on average earnings, typical property prices, and household savings data. The increase in wages and higher savings rates are making it easier for many in Ireland to save for a home. Still, market changes can affect these trends year by year. Most new home constructions took place in areas where prices are highest, with 63% of new builds completed in the ten most expensive regions. Cities like Roscommon emerged as the most affordable for single buyers looking to purchase an apartment, with a savings time of 1.8 years. In stark contrast, a single buyer in Dún Laoghaire might take over 46 years to save for an apartment. The ten most affordable counties remain Longford, Leitrim, Donegal, and a few others. In these places, saving for a deposit takes between 1.7 and 2.4 years. On the other hand, the least affordable areas include Dún Laoghaire, Wicklow, and Dublin City. The research indicates a close relationship between high house prices and the number of new builds. Places with the most expensive homes are also where most new developments occur, impacting first-time buyers who rely on Help-to-Buy schemes. As more people adopt flexible working arrangements, it might become easier to buy homes in more affordable, rural areas. Buying with a partner can also help first-time buyers meet financial requirements more quickly, making it a common path to homeownership.