Wicklow has been revealed as one of the most unaffordable counties for first time home buyers, according to a new report released by EY-DKM Economic Advisory.
The report, which seeks to quantify just how unaffordable buying a home for the average first-time buyer has become, right across the country, finds that it now takes the average first time buyer 15 years to save for a deposit for a home in Wicklow, Kildare and Meath
Furthermore, the average first time buyer would need a multiple of almost five times their annual income to qualifiy for mortgages in these counties.
The report considers the two criteria a first-time buyer must satisfy when buying a home; whether or not they can afford the mortgage repayments on a property based on a mortgage of 3.5 times their household income, and their ability to accumulate a sufficient deposit of 10 per cent to purchase the property.
In contrast, Leitrim is the most affordable county when it comes to saving for a deposit to buy a home, taking approximately 1.3 years to meet the ten percent deposit. Sligo (1.6), Waterford (1.6), Cavan (1.7) and Longford (1.9) are also among the most affordable counties in terms of saving for a deposit.