Almost 70% of home buyers to purchase within next year

Almost seven out of ten prospective home buyers are still planning on buying a new property in the next year despite the interruption to the market as a result of the coronavirus pandemic, according to a new survey.

The survey, from property website MyHome.ie, which is owned by The Irish Times, suggests that 68 per cent of prospective buyers are still planning on buying a new property in the next year.

There is also a general expectation that prices will drop, with 37 per cent believing they will come down by over 10 per cent in the next 12 months. Six out of 10 respondents said next year will represent a good time to buy property.

The survey of 1,981 people also found that 69 per cent of respondents believe the Government could do more to help the property sector during Covid-19.

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The virus is expected to have significant long-term effects, with 59 per cent of respondents saying it will lead to more online processes in general to minimise unnecessary contact. Meanwhile, 21 per cent believe it will lead to quicker sales processes in general.

When asked what factors would encourage them to buy a property now, 35 per cent said more available housing stock, 33 per cent said more overall confidence in the economy, and 33 per cent also said an easing of mortgage lending rules.

Half of respondents (51 per cent) said online viewings and virtual tours are effective ways to view a property.

Angela Keegan, managing director of MyHome.ie, said the findings reflected the pent-up demand that was evident in the market.

“Even though Covid-19 has essentially frozen the market, this survey shows that prospective buyers are still confident about their ability to purchase in the coming year, possibly driven by an expectation of falling prices,” she said.

“For now, it is crucial that construction is allowed to continue without interruption, as it is clear that supply issues are still a significant concern for people.

“One element of good news for the market is that most people are receptive towards online viewings as well as innovations such as real-time property viewing platform MyHome Live, which have quickly become of critical importance in the current environment.”