Average Galway house buyer saves for two years

Galway Bay fm newsroom – It takes over two years to save up a mortgage deposit in Galway city, according to the Central Bank.
The institution has released new information examining the amount of time it takes for buyers to get a deposit together – since the introduction on new mortgage lending rules.
Buyers now need a 20 per cent deposit for a house worth over 220,000 euro.
In the city, the average First Time Buyer earns just over 59 thousand euro.
The average down payment on a three-bed property in the city stands at around 19 thousand euro.
Fergal McCann, Senior Economist at the Central Bank will outline the findings of the report on FYI Galway from 5.