A new report has claimed that first-time buyers in Dublin now need to earn more than €100,000 in order to get onto the property ladder.

The findings, which have been compiled for the Irish Sun, reveal that a single person looking to purchase a home in South County Dublin would be to be receiving a wage of €133,000 a year. In Longford, the same person would need a salary of €26,000 a year to purchase a property.

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The un-affordability index has been compiled by Karl Deeter and compares average prices around the country compared with what a person needs to earn in order to buy. The index uses a 90% mortgage, borrowing three and a half times earnings.

For example, in South County Dublin a person wanting to buy a property worth around €500,000 will need to earn €133,000 euro – €96,000 above the average industrial wage.

In contrast, the average property in Longford costs just over €100,000, meaning a salary of €26,000 would been needed – almost €10,000 under the average industrial wage.

Leitrim, Roscommon and Cavan were also said to offer the best value.

(JP/LM)