Eoin McGee from Prosperous Financial Services joined Breakfast Business to discuss what the Central Bank's new rules mean for the average house buyer.

They started with the premise that the average house in Ireland costs 193,000 according to Daft.ie - this means that you would need to save a €38,600 deposit under the new 20 percent deposit rules.

Mr. McGee expects these figures to continue to rise - he proposes that soon people hoping to buy houses outside of Dublin will need €40,000 deposits - while average buyers in the Dublin market will need €60,000.

He suggests that an average couple will take home €4,666 a month - a bank would say that they could afford to pay €1,600 on a mortgage every month.

If this couple is paying €1,000 a month in rent - that leaves €600 a month that they can save towards a deposit.

Going on these figures, it would take the average couple eight years and four months to raise a deposit for the Dublin property - or over five and a half years for the property outside of the capital.

What can you do to raise this deposit money quicker?

He jokes that Dublin buyers could seriously look at the possibility of "moving to Galway."

Mr McGee foresees a cultural shift that will mean that it is no longer the norm that people between 25 and 28 will be hoping to get on the property ladder - it will be a longer process that will involve more long-term financial planning.

This will include a shift from saving in banks to more young couples developing low-yield, low-risk investment portfolios - aiming for a 6 percent annual return to decrease the saving time.

The other avenue is gifts from parents to children.

Parents with the financial means to do so can assist their children. There is a threshold of €225,000 for gifts and inheritance that can be transferred tax-free from parents to children - if deposit money is gifted it counts as part of this allowance.