Study finds it takes Laois couples 3.4 years to save house deposit

New research by Switcher.ie has found that on average it takes Laois couples 3.4 years to save for a deposit for a house. 

The study found that Laois was the thirteenth most affordable place for joint first time buyers. 

"With an average property price of €260,000 and median joint income of €80,588, it would take 3.4 years for a couple to save a deposit," said the report. 

It found Leitrim, Longford, Roscommon, Sligo and Mayo are the top five most affordable places for joint buyers and take the least amount of time to save for a deposit. 

On the other hand Dún Laoghaire is the least affordable place for joint buyers, and could take up to 27.9 years to raise a downpayment.

"Despite mortgage activity declining during 2023, first-time buyer mortgages remained buoyant accounting for around 63% of the market. The average first time buyer drawdown was €282,084 - the highest level since records began in 2003," the authors of the study said. 

"The research showed that the most affordable places for first time buyers were not necessarily in the areas with the lowest house prices.

"Although cheaper property prices help, having a comparably higher income makes your mortgage more affordable and deposits take less time to save."

The saving figures are based on average annual earnings, average house prices and average household savings rates.