Figures released with the CSO’s March update of the Residential Property Price Index point to the volume of market purchases by FTBs topping out at 17,500 on an annual basis.
In the 12 months to January 2024, stamp duty filings were made for 17,496 purchases by first-time buyers. For March, the equivalent annual figure dipped to 17,275, a reduction of just over 200.
This reduction is due to a fall in the number of existing dwellings purchased by FTBs. The number of new dwellings has remained in and around 5,400 on an annual basis for the last year or so.
A local peak for FTB purchases of existing dwellings was reached in October of last year with 12,242 stamp duty filings made in the year to that month. The latest figures for March show this 12-month sum declining to 11,891, a fall of around 350.
Since Census Night 2022 (April 3rd) just over 34,000 stamp duty filings have been made for market purchases by FTBs, giving a run-rate of around 330 per week. Non-market transactions, self builds and bequests will give further first-time owners.
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