Brendan Burgess
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Is that not far too long?
Do you think so?
I would have thought that most FTBs would have saved for around 3 or 4 years for a deposit in the past.
I guess I'm specifically referring to the move from €35k to €76k in South Dublin.
Sorry, I'm not following you - is the chart not saying the average FTB in SCD can save the average deposit in 2.64 years? Maybe I'm reading it wrong.
That means the average first time buyer is saving €2,400 a month.
Out of an average income of €110k? That doesn't sound overly challenging - does it?
Mind you, I find it hard to believe that the average SCD FTB has an income of €110k.
There's a credibility gap here.
The Central Bank are destroying the fabric of our society...
I've now had a chance to read the paper itself - it's a fine piece of work IMO.
Expenditure is based on ISI reasonable living expenses, plus 20%, for a childless couple with one car. A fairly typical FTB couple I would have thought.
Really? I can't see how the Central Bank's rules are having much impact at all on FTBs -
http://www.askaboutmoney.com/threads/limited-impact-of-central-bank-mortgage-rules-on-ftbs.199839/
I certainly don't see how they are "destroying the fabric of our society"!
The hole the size of Texas in this study is the fact that the notional couple are childless.
So taking the first line, Dublin City Centre
The average three bed house costs around €345k (my calculation)
The deposit required would be €47k (10% of €220k + 20% of €125k)
The average combined gross income of a couple of first time buyers in Dublin City Centre in the last year has been €73k
The net income after tax was €58,000
Their rent for a two bed apartment was €17,220 (A two bed apartment in Dublin City Centre)
Their other household expenditure was €21,396 ( 120% of ISI Guidelines for a couple without kids, with one car)
Their savings each year were €19,384
With this level of savings, it would take them 3.82 years to save the deposit required of €47k.
The hole the size of Texas in this study is the fact that the notional couple are childless.
The Central Bank rules condemn the proverbial nurse and guard to a lifetime of renting
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