The typical mortgage seeker now has €11,000 less savings to put towards a deposit than those in the same position a year ago.
A recent analysis by daft mortgagesdot.ie, has found that house hunters have €304,000 on average to spend on a home.
General Manager at daftmortgages.ie Paul Monahan said the surge in the cost of living is contributing to the potential buyers having less savings:
"what we do know is that house price growth increased during the pandemic fueled by people having more savings- perhaps not going out as much or not going on holidays, but we may be seeing a reversal of that trend, where people are going on nights out and holidays and so on, coupled with higher prices for foods petrol, electricity and so on, meaning that buyers have less savings."
