Dublin borrowers going further afield to buy and build homes, report finds | BreakingNews.ie

A large cohort of people from Dublin looking to buy or build their first home are travelling out of the capital, a recent report has found.

The data from the Banking and Payments Federation (BPFI) found borrowers from Dublin accounted for over 40 per cent of all first-time buyer (FTB) mortgages issued in Kildare, Wicklow and Meath last year.

This figure increased when the type of property was considered, rising to 55 per cent in Meath and 60 per cent in Kildare for new semi-detatched or terraced houses.

The trend was noted on a lower level nationally, with one in four (23 per cent) of FTB borrowers now opting to build or buy outside their home county, up from 19 per cent in 2021.

Other areas where cross-border purchases were significant include Clare, where 13 per cent of FTB mortgages were issued to people from Limerick, and Laois, where 11 per cent hailed from Kildare.

The research also found that 35 per cent of Help to Buy claims last year came from Kildare, Meath, Laois and Wicklow.

Chief executive of the BPFI, Brian Hayes, said the increase in people crossing county borders to buy or build “likely reflects increased competition between buyers in the property market and huge demand from first-time buyers”.

He added FTB borrowers now appear more willing to move county to buy their first home, aided by the rise of remote and hybrid working.

Mr Hayes said the trend is most significant in Leinster, particularly with Dublin borrowers, who accounted for more than a quarter of mover purchase mortgages in the three counties bordering the capital – Meath, Kildare and Wicklow.

In terms of wider mortgage activity, the BPFI figures showed Dublin remains the largest mortgage market, accounting for 31.3 per cent, followed by Cork (11.7 per cent) and Kildare (8.3 per cent).