First-time buyers are independent, optimistic about the economy and ambitious in their plans to climb the property ladder, according to a new survey by mortgage intermediary Irish Mortgage Corporation.

Almost two-thirds of the 201 respondents to the survey said they had funded their new home deposit using their own savings.

Just over a quarter of the recent borrowers surveyed said their parents had either partly or wholly funded the deposit.

Mr Frank Conway, marketing manager for Irish Mortgage Corporation, said there was evidence that first-time buyers used credit union loans to fund deposits, but that this only occurred in a minority of cases.

"The majority of first-time buyers are optimistic about the future and they're standing on their own two feet," he said.

Higher wages, lower personal income tax and historically low interest rates have helped make property affordable for first-time buyers despite the escalation in house prices, according to Irish Mortgage Corporation.

Some 58 per cent of respondents plan to move house within five years, indicating that first-time buyers typically compromise on the property they buy in order to get a foot on the ladder. Almost a quarter expect to move on within three years.

Most expect house prices to rise by single digits over the next 12 months, while 86 per cent expect the economy to continue to grow strongly.

Irish Mortgage Corporation said the majority of first-time buyers were not currently relying on rental income to help repay their mortgage and that they thus had a "cushion" if interest rates were to rise dramatically.

Just 13 per cent of respondents had used the rent-a-room scheme, while 15 per cent of respondents rated rental income potential as very important in their decision to purchase.

Over 95 per cent said location was either an important or very important factor in their decision to buy, with 35 per cent rating access to work as very important.