· 68% of
potential buyers are planning on purchasing a property in the next year
· 37%
expect property prices to fall by over 10% in the next year
· 69%
believe the Government could do more to help the property sector
- 59% believe Covid-19 will lead to more online processes in general in the long term to minimize unnecessary contact
Prospective homebuyers are still confident about their ability
to buy despite the interruption to the market as a result of Covid-19,
according to a new survey.
The survey, from leading property website MyHome.ie, suggests
that 68% of prospective buyers are still planning on buying a new property in
the next year. This correlates with a general expectation that prices will
drop significantly – with over a third (37%) believing prices will drop by
over 10% in the next 12 months. Six out of ten respondents believe next year
will represent a good time to buy property.
The survey of 1,981 people also found that 69% of respondents
believe the Government could do more to help the property sector during
Covid-19.
The virus is expected to have significant long-term effects,
with 59% of respondents believing it will lead to more online processes in
general to minimize unnecessary contact. Meanwhile, 21% believe it will lead
to quicker sales processes in general.
When asked what factors would encourage them to buy a property
now, 35% said more available housing stock, 33% said more overall confidence
in the economy, and 33% also said an easing of mortgage lending rules.
Half of respondents (51%) believe online viewings and virtual
tours are effective ways to view a property.
Source My home.ie .
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