Central Statistics Office (CSO) figures have shown that the average age of house buyers is on the rise.
On Monday, the CSO published data on the characteristics of Residential Property Purchasers in every Local Electoral area (LEA) in the country, based on 2019 figures. The median national average age has risen significantly from 34 in 2010 to 42 in 2019 for sole applicants and from 35 to 38 for joint homebuyers.
Properties being purchased jointly or by two people now account for almost two-thirds of transactions. Figures showed that over 62% out of 45,280 properties sold in 2019 were bought by joint purchasers. This was up from 47% in 2010.
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The median national average age for joint applicants has also gone up from 35 to 38 years of age.
Bantry-West Cork has the oldest joint home buyers in Ireland, with an average median age of 53, 15 years older than both the age for the county and the State. Tallaght South, South Dublin, provides a shocking contrast to Bantry; they were the LEA with the lowest median age for joint transactions at age 33.
For sole transactions, Ongar, Fingal, had the lowest median age at 35, while Kenmare, Kerry, was the highest at 54. Figures also detailed the average median income of those purchasing a home jointly nationally being €81,500 but this varies greatly on a local level.
It was as low as €48,800 in Buncrana, Donegal, to a high of €162,600 in Pembroke, Dublin City. For those going it alone the median income varied from €24,600 in Carrick-On-Suir, Tipperary, to €74,200 in Pembroke, Dublin City.
Commenting on the figures, CSO statistician, Seán O’Connor, said: "Today’s Frontier publication provides further information on the characteristics of individuals purchasing residential property in Ireland in 2019, across the themes of prices, ages, income and counts of dwellings purchased. From examining the data presented today it is clear to see the regional variation of the housing market across the State.
"While Characteristics of Residential Property Purchasers 2010-2019 noted that the proportion of properties purchased jointly stood at 62.2% in 2019 and 75.8% in South Dublin, in Lucan, South Dublin, this share stood at 82.5%.
"Of the 45,280 dwellings purchased in 2019, the LEA with the highest number of transactions was Howth-Malahide, Fingal, at 770, followed by Naas, Kildare, at 740. In contrast, LEAs like Muinebeag, Carlow, Belmullet, Mayo, and Ballybay-Clones, Monaghan, jointly had the lowest number of transactions at 70."
According to Central Bank data, the average Irish house cost €318,000 in the fourth quarter of 2021. A Central Bank spokesperson revealed to the Irish Times this week that this equates to about 4.8 times the average household disposable income of €66,600. This is about 40% above the average ratio.
The CSO has also revealed that house prices have risen nationally by a further 2.2% on average between December and the end of April.
The demand for housing is still outstripping supply while multiple lenders have increased their mortgage interest rates in recent months. The general cost of living and spiralling rent costs, particularly in Dublin, are adding to the difficulties faced by couples or individuals trying to access credit to buy their own homes.
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