According to a new survey from property website MyHome.ie 47% of prospective homebuyers think prices will rise by up to 10% in the coming year, while just 26% of respondents said the same last November and only 15% agreed with that sentiment last August.
The most recent survey of 2,521 people shows that housing
stock is the most important issue facing prospective buyers, with 50% saying
more stock on the market would encourage them to buy now.
Meanwhile, the findings show that prospective homebuyers
have largely not been impacted by Covid-related job losses and income
drops. 59% of respondents have been able to save more money for a deposit since
the onset of Covid-19 last year.
According to the survey, half of respondents agree that the
home-buying market is more competitive now than it was before Covid-19 emerged
- just 16% disagree with this statement.
Looking ahead, 40% of respondents believe the next year will
represent a good time to buy property, that figure is down from 49% last
November.
Angela Keegan, Managing Director of MyHome.ie, said that the
findings reflect the reality in the market. "We have seen commencements
fall by 30% in 2020 compared to the year before, while second-hand stock coming
to the market has fallen by 50% in the first two months of 2021 compared to the
same time period in 2020.”
Ms Keegan said that the earlier a Covid-19 vaccine could be
approved and distributed, the better for the market. "Above all else, we
need to deal with the pandemic in order to get the construction sector back
working, improve vendor confidence, and redress the imbalance between supply
and demand," she said.
Regards,
The McPeake Team...
Stay Safe...
