Almost half those saving for a deposit for a house require help from family and friends

Almost half those saving for a deposit for a house require help from family and friends

Almost half of people saving for a deposit need financial help from either their family or friends, according to a new survey.

That is despite the fact that half of respondents to the poll had been saving for two years or more.

The findings are part of a study conducted by Red C on behalf of Bank of Ireland, which surveyed over 200 people between the ages of 25 and 45 who are planning to buy or build their first home in the next few years.

A huge majority, 90%, of those surveyed said they want to buy a house rather than an apartment, despite the higher average cost.

Of those who are actively saving for their deposit, the average amount being put aside per month is €444, down slightly on 2016 research.

Three-quarters of those polled are currently renting and pay an average of €820 per month. The average age of the first-time buyers surveyed was 34 and half have children.

The study comes just days after new statistics from the CSO show that house prices across Ireland rose by 9.6% in the year to March.

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