Just 13% of prospective homebuyers think over the next year a good time to buy

May 9, 2024

Almost 80% of prospective homebuyers are worried about the state of the property market, new data shows.

The consumer sentiment research from property website MyHome.ie reveals that just 13% believe the next year would be a good time to buy.

Meanwhile, nearly half said the cost of living crisis has meant they have had to postpone a purchase.

Limited supply is an ongoing issue, with 78% saying they’ve had to look beyond their top location choice due to supply concerns.

Just 19% of those surveyed believe there is a enough supply on the market to secure a suitable property.

The survey also sought the views of homebuyers on whether a change of Government would be good for the property market.

36% believe it would be good, 21% said it would not, while 43% were unsure.

Today’s report also highlights the strong demand in the market, with almost half of those surveyed saying they would not wait for an interest rate cut before going ahead with a purchase.

When it comes to price, 53% are expecting the price of homes to increase in the next year.

“Taoiseach Simon Harris has pledged to build 250,000 homes by 2030, but after a decade of insufficient construction activity, it is perhaps understandable that people are wary of the Government’s promise to deliver the amount of new homes we need to properly address our supply issues,” Joanne Geary, Managing Director of MyHome.ie, said today.

She said it was striking that despite the negative outlook about the market in general, strong demand was so clearly in evidence.

“On the one hand, very few people believe that the next year will be a good time to buy and most are worried about the state of the market. On the other hand, nearly two-thirds of respondents are financed and ready to go, and almost half of people won’t even wait for an interest rate cut to buy,” she noted.

She said that only sustained homebuilding would lead to a meaningful improvement in property market sentiment.

“If the Government can facilitate a decent period of uninterrupted construction activity, this would make a huge difference around the country and sentiment would likely improve as a result,” she added.

Article Source: Just 13% of prospective homebuyers think over the next year a good time to buy

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