First time buyers accounted for 40% of house sales in the fourth quarter of last year, according to new figures from land registry office Kadaster.

The increase was particularly notable in the bigger cities, where first time buyers were responsible for 46% of sales, the Kadaster said on Wednesday. Young buyers snapped up 53% of the properties costing up to €350,000, up almost six percentage points on a year ago.

The rise in young buyers came as house prices fell for a fifth successive month, with a drop of 2.3% in December, national statistics agency CBS said last month. House prices have fallen for at least five months just four times since 1995 and experts have predicted more is to come both this year and in 2024.

Despite higher interest rates reducing borrowing capacity, there are more signs that first time buyers are beginning to make a move.

Earlier this week, mortgage advisory group De Hypotheeker said that young adults under the age of 29 accounted for 27% of the mortgages its agents agreed in January, up 25% on a year ago.

The final quarter of 2022 was technically the last period in which parents could give their offspring up to €100,000 tax free to put towards buying a home.

‘Our data shows that young buyers are managing to gradually get a foot in the door, although a majority still think this is not the time to buy,’ said Menno Luiten, De Hypotheker’s commercial director. ‘Some 65% are looking to pay between €200,000 and €300,000… and that is over €100,000 lower than the average price property is changing hands for.’

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