'We're looking for six months ... for the first, we were outbid by €72,000'
According to estate agents the profile of the average first-time buyer is now a couple in their early 30s with a deposit of around 30pc.
Newlywed Dubliners Sarah (26) and Shane Anglim (28) from Lucan are on the hunt for their dream home. Sarah, a social worker, will be the youngest of her friends to buy a house. Shane, who works in the financial sector, thinks it's better to buy now than in a few years.
The couple, who met five years ago, became engaged last October after Shane popped the question under the arch in Trinity College, where Sarah went to university.
"Sarah and I are just home from our honeymoon in Bali. We got married in August," Shane says. "We're after a four or, at a push, a five-bed semi-detached house in Lucan. I've been renting for four or five years and a flat is so constricted.
"Our parents are helping us out. We have about 30pc or 40pc of a deposit. We've been looking for the last five or six months and gone to three viewings of houses we were serious about. We liked them all but for the first we got outbid by €72,000.
Our initial plan was to save for four years and get €100,000 together but prices started going up. By the middle of June reports were coming out about rising prices and I didn't feel what we were doing was right.
"Saving for a long period was defeating the purpose because prices would have gone up by as much as we'd have saved. Working in funds I try to keep abreast and my mum advised me to buy two or three years ago in D4 when the relief on stamp duty for first-time buyers came in but financially it just wasn't possible. We feel there's better opportunities now," Shane said.
Sarah says the reason they want to buy now is because of increasing prices.
"In terms of barriers, there's the mortgage approval and then the bidding wars. It would be great if we could buy in a year's time but if we were sill looking it would be disheartening.
"We'd start considering other options and looking further afield but for now Lucan is our plan A and if proves unrealistic we'll have another think. The whole process has been a lot tougher than I thought.
- JOYCE FEGAN