Recent months have seen a decline in the volume of purchases of existing dwellings by first-time buyers (FTBs). The volume of FTB purchases of new units has continued to edge up but the fall for existing units has pulled the total down slightly, which can be seen below.
In the 12 months to the end of August, 17,066 stamp duty filings flagged as FTB market transactions were made with the Revenue Commissioners. At the start of 2024, this 12-month total was running at 17,500, so it has fallen just over 400 as we the year has progressed.
On a 12-month basis, FTB purchases of existing dwellings were running at 12,250 this time last year. The latest figures from the CSO show that there were 11,408 FTB purchases of existing dwellings in the 12 months to August, a decline of 850 units or seven per cent.
FTB purchases of new dwellings were 5,658 in the 12 months to August, up over 400 on what it was at the start of the year. This is a new high in the CSO series though this monthly data is only available since 2010 and the current levels are well down on what would have been seen in the early 2000s.
While there has been a recent fall in total FTB purchases, at seven per cent, it is still pretty modest, and purchases of new dwellings continue to edge up. Since Census 2022 in April of that year, there have been a little over 41,000 FTB market purchases. With non-market transactions, self-builds and bequests the number of first-time owners will be somewhat higher again.
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