Over 40% of first time home buyers are accessing the ‘bank of mum and dad’, according to a new report.
New figures from Banking and Payments Federation Ireland (BPFI) show new buyers are using financial gifts to get on the property ladder.
The latest housing market monitor shows that the median deposit for first time buyers was over €52,000 during that period.
Meanwhile, the median deposit for mover purchasers was €135,000, with almost a quarter of such buyers using gifts towards their deposits.
The total value of financial gifts towards deposits was almost €210 million, €149.3 million for FTBs and €60.4 million for mover purchasers.
Savings were almost four times that of gifts, totalling around €795 million.
